7.3 Choosing the valuation method
You must use the statutory formula method unless you elect to use the operating cost method. You may elect to use the operating cost method for any or all of your cars, regardless of which method you used in a previous year. However, to use the operating cost method you must have kept adequate FBT records - for more information, see section 7.8.
You must decide to use the operating cost method no later than the day on which your FBT return is due to be lodged with us or, if you do not have to lodge a return, by 21 May.
You can choose whichever method yields the lowest taxable value. There is no need to notify us of the method chosen as your business records are sufficient evidence of this.