statutory method fbt 2022 Page 47

The statutory method for FBT on cars in 2022 is the simple one: take the car’s base value (cost incl. GST/LCT, excluding rego and stamp duty), multiply by the statutory fraction of 20%, then pro‑rate for days available and subtract any employee contributions.

In shorthand: Taxable value ≈ Base value × 20% × (days available ÷ 365) − employee contributions.

The base value generally uses the purchase price (including dealer-fitted accessories at delivery), and you reset nothing each year—so the bill shrinks only if you contribute or sell.

Distance travelled no longer changes the fraction (that died years ago), and novated or not, the maths is the same—only who pays what differs.

Keep records of days not available (repairs, sale dates) and private-use contributions, or the ATO will assume it was yours every day and charge accordingly.