Errol provides his employee with the use of a car for 183 days during the FBT year. During this period the travelled 16000 km. Errol purchased the...

Errol provides his employee with the use of a car for 183 days during the FBT year. During this period the travelled 16000 km. Errol purchased the car last year for $50,000. The employee contributed $1000 towards the cost of running the car and has provided Errol with relevant documentation. Requirement: Calculate the taxable value of the car fringe benefit using the statutory formula.