James is a civil engineer. Stanley Pty Ltd hired James as an employee on 1 August 2
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Question:
James is a civil engineer. Stanley Pty Ltd hired James as an employee on August In coming to a remuneration agreement, Stanley Pty Ltd agreed to pay A$ of James salary package in Australian dollars, per cent super guarantee, the provision of a tablet computer A$ and safety boots A$ for onsite visits, with the balance to be paid in Bitcoin BTC as a once off payment on the June each year. The arrangement was entered into before James began performing services and therefore is an effective salary sacrifice arrangement. For the period August to June James received the following:
Net wages: A$
Superannuation paid into Industry Super Fund: A$
Tablet Computer: A$
Safety Boots: A$
Bitcoin BTC: A$
In addition to the remuneration package described above, James received a oneoff bonus of A$ in his June pay check, due to the successful year the business had. Stanley Pty Ltd have complied with their employer obligations with key reporting and payments finalized on time.
Question: Critically analyze the income tax and FBT consequences for James in respect of the benefits he received.
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