International Base Metals Ltd (IBML) decides to lease a carwhich it provides to CEO from 1 July 2013 to 31 March 2014. CEO has traveled12,000 km in that time. The cost of the car, shown in the lease documents, is $50,000. CEO pays $ 3,000 from his own pocket as an employee contribution. CFOdecides to use the statutory formula method of calculating the FBT. IBML claims input tax credits for the leasepayments.
Questions: As a chief accountant, can you advise CFO how much FBTpayable need to pay to ATO?
|