Reference no: EM133351759
1. John is employed as a computer engineer by Rocky Pty Limited (Rocky). He joined the business on 1 April 2020. He receives a base salary of $150,000 plus the following benefits.
i. A new Toyota Corolla sedan was purchased on 1 April 2020 from a car dealership and immediately provided to John. The base value of the car is $55,000 (GST-inclusive). In the course of the 2021 FBT year, John travels 40,000 km of which 30,000 km were business-related travel. John maintained a valid logbook for 12 weeks during the 2021 FBT year. The running costs of the car, including fuel and oil, registration and insurance totalled $15,000 for the 2021 FBT year.
ii As part of his salary package, on 1 April 2020, John receives superannuation contribution totalling $20,000.
iii. Rocky paid John an entertainment allowance of $3,000 to help cover the cost of entertainment associated with wining and dining his largest clients.
iv. John also has his business telephone rental of $430 (GST-inclusive) paid for by Rocky. This was paid on 31 March 2021.
v. At the end of every three months, a $5,000 cash bonus is paid to the top salesman. John was fortunate enough to receive this bonus in August 2020.
vi. Rocky lends $20,000 interest free to John for 3 months. John uses the funds to pay for his child's school fees.
Questions
1. Calculate the taxable value and grossed-up amount of each fringe benefit.
2. Calculate the amount of fringe benefits tax payable by Goldstar in respect of the FBT year ended 31 March 2021.
|
What do you know about the students attitudes, values
: What do you know about the students'; attitudes, values, and beliefs; learning styles; need for structure; family/peer support groups; a sense of ethnic
|
|
Purpose of insolvency and bankruptcy law
: What is the purpose of Insolvency and Bankruptcy Law, 2016? How is it implemented in India? Name a few prominent cases settled under IBC.
|
|
Superimpose your face onto the face of the celebrity
: Take a photo of yourself with face looking into camera similar to the friend of the celebrity - Include your name,HW2, Graphics S23 at the top of the word
|
|
What is the summary and description of each professional
: What is the summary and description of each professional dispositions of Learners (, Curiosity, Honesty, Compassion, Advocacy, Dedication, High Expectations
|
|
Calculate amount of fringe benefits tax payable by goldstar
: Calculate the amount of fringe benefits tax payable by Goldstar in respect of the FBT year ended 31 March 2021.
|
|
Provide at least two examples on reflection strategies
: A summary of your workplace's current case management processes (outline any recent changes) A summary of workplace and worker responsibilities in relation
|
|
About the local tax commissioner abusing authority
: A complaint letter to the governor about the local tax commissioner abusing authority by charging the citizens a $252.62 late fee on property taxes.
|
|
Future developments in networking and computer
: UFCFVN-30-M Computer and Network Security, University of the West of England Bristol - Demonstrate critical understanding of the mechanisms used to maintain
|
|
Reflect on your target population that relates to clients
: Reflect on your target population that relates to your client's challenge Example - people facing substance use issues Research the range of challenges
|