Employers must choose either the Statutory Formula method of Operating Cost method to report fringe benefits for motor vehicles. If you have not kept the required documentation, we will be forced to use the Statutory formula method which may result in higher tax payable.

Click the link for the further information from the Australian Taxation Office website.

https://www.ato.gov.au/General/fringe-benefits-tax-(fbt)/types-of-fringe-benefits/car-fringe-benefits/working-out-the-taxable-value-of-a-car-fringe-benefit/