A company has 40 employees and provides each of them with cheap parking on its premises. During the FBT year ended 31 March 2020, there were 216 days during which the reduced carparking was made available.The daily rate amount for each parking space is determined to be $14. Each employee who received the reduced rate parking contributed $4. What is the taxable value of the carparking fringe benefit provided to these employees if the employer elects to use the statutory formula method?

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The Answer of A company has 40 employees and provides each of them with cheap parking on its premises. During the FBT year ended 31 March 2020, there were 216 days during which the reduced carparking was made available.The daily rate amount for each parking space is determined to be $14. Each employee who received the reduced rate parking contributed $4. What is the taxable value of the carparking fringe benefit provided to these employees if the employer elects to use the statutory formula method?

A Company Has 40 Employees and Provides Each of Them