In FBT terms, the Base Value is the value of a vehicle used as the starting point for calculating the taxable value of a car fringe benefit under the Statutory Formula Method (SFM). It is generally based on the vehicle’s GST-inclusive purchase cost, including applicable dealer delivery and fitted accessories, but excluding costs such as registration and stamp duty. It is not necessarily the same as the drive-away price, amount financed, market value or residual value, and for eligible vehicles held for more than four years, the base value may be reduced to two-thirds of the original value.