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Question
Determine whether the following benefits are fringe benefits or exempt fringe benefits and, where applicable, the relevant category of fringe benefit. Provide reasons for your answer:
a) Kerry is an employee of the university. She is provided with 10 gift vouchers worth $50 each for use at the local supermarket as a Christmas gift. Advise Kerry and the University of the Tax Consequences of this transaction.
b) Sorella borrowed $10,000 from her employer on 4 September 2011 as her home was damaged in a freak storm. The loan was provided at no interest. On 15 January 2012, her employer informed Sorella that she was only required to repay half the loan. Advise Sorella and her employer of the Tax Consequences of this transaction.
c) Penny is employed as a secretary by a law firm. As part of her remuneration package, the firm agrees to provide her with legal services in relation to her divorce at a 60% discount to its normal rates. The firm also purchases a plasma TV set for $5,500 (inclusive of GST), which it gives to Penny. Explain how the taxable value of these fringe benefits will be calculated.
Evaluate the impact, positive or negative, that your proposed eliminations would have on corporations and the economy. Give evidence to support your position.
A consumer would prefer to have his or her income doubled rather than prices of all goods halved and decrease in price simply represents a transfer from suppliers to consumers.
Determine Ruby Division's economic value added and Determine the brick division's division margin
The price of computer chips decreases significantly, enabling manufacturers of hard drives to produce more hard drives. How will this affect the market for hard drives?
The total after-tax show value of the cash flows above is closest to:
Is Basil a resident of Australia for tax purposes and when is income derived in a lay-by sale and what is the tax treatment of a) the deposit; and b) progress payments?
The mother paid interest of $670 during tax year, $240 of which she calculated pertained to the taxpayer's use of credit line. The taxpayer will deduct an interest expense:
What is the basis in the like-kind property received and what is the basis in the not like-kind property received
The genius financial advisor had taxes withheld on the transfer of annuity in the amount of $22,000.
Evaluate the NPV, and the Profitability Index (PI) for this project. Could this project be undertaken?
Evaluate the amount of taxes paid in Country
AIH – TAX –ACT304, Please prepare a statement for each loss/outgoing to Geoff advising him whether the above expenses are deductible or not for the year ended 30 June 2013.
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