• 7.4 Statutory formula method

    Use the following formula to calculate the taxable value of car fringe benefits under the statutory formula method:

    Taxable value = (A x B x C) - E
                                        D     

    Where:

    • A = the base value of the car
    • B = the applicable statutory percentage
    • C = the number of days in the FBT year when the car was used or available for private use of employees
    • D = the number of days in the FBT year
    • E = the employee contribution.
      Last modified: 08 May 2012QC 17818