A car is purchased for $48,400 (including GST) on 1 April 2018. The car was available for…

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A car is purchased for $48,400 (including GST) on 1 April 2018. The car was available for private use for all of FBT year ending 31 March 2019, except for the month of February 2019 when the car was garaged at work whilst the employee was overseas on holidays. For the FBT year ending 31 March 2019 the car travelled 25,000 kilometres and the employee paid the employer $4,000 (including GST) as his contribution to meet the running costs for the car. 

The total operating costs for the car (including the deemed depreciation and interest) for the year ending 31 March 2019 were $15,000. This figure is before any employee reimbursement for the running costs.

 

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