During the 2015/16 FBT year, ABC Pty Ltd provided its employee with two fringe benefits: a) The
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Question:
During the 2015/16 FBT year, ABC Pty Ltd provided its employee with two fringe benefits:
a) The company loaned the employee $75,000 at 2.5% pa interest. The loan existed for the full FBT year and the employee used the money to buy shares in Bluescope Steel Ltd.
b) Secondly, the company paid $10,000 towards emergency accommodation when the employee’s house burnt down in the 2016 bush fires.
Required:
Calculate the FBT payable (if any) on these two benefits. You must refer to sections in the relevant Tax Act.
Expert Answer:
Answer rating: 100% (QA)
201516 FBT Year Lets assume that ABC Pty Ltd is any firm in Australia a loaned amount 75000 Actual I... View the full answer
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