Evaluate the fringe benefits tax consequences

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Reference no: EM133980928

Question

William is a Chief Executive Officer of a public company in Sydney and received a salary of $300,000 and a bonus of $100,000 from 1 April 2021 to 31 March 2022.

As part of the remuneration package, his employer provided him with a loan of $200,000 at an interest rate of 1% per annum. The loan was provided on 1 April 2021 for one year. In addition, his employer provided him with a yearly lunch allowance of $2,600 commencing 1 April 2021.

Evaluate the fringe benefits tax consequences and determine the taxable value arising from the above information for the fringe benefits tax year ended 31 March 2022.

Reference no: EM133980928

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