I did exactly this a couple of years ago when I was working for Mono's.
Only difference was, I used my wife's car as it was worth more and she did more kms than me. This reduces the FBT payable, and makes abig difference as to whether it is worthwhile. Ideally the difference between the FBT rate and your personal income tax rate will be as large as possible.

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A nation of sheep will beget a government of wolves.