FAQ: What is the statutory method of calculating Fringe Benefits Tax (FBT)?
What is the statutory method of calculating Fringe Benefits Tax (FBT)?
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The statutory formula method used to determine Fringe Benefits Tax (FBT) liability assumed that company-provided cars were only used 20 per cent of the time for personal reasons.
Under new reform announced 16th July 2013, this method has since been scrapped in favour for the operating cost model.
For a more detailed explanation of the statuatory method of calculating FBT, please click here statutory formula method.