Question 8 For November 2018, COBA Ltd., a NSW-based company, has provided the following information: Monthly...

Transcribed Image Text:

Question 8 For November 2018, COBA Ltd., a NSW-based company, has provided the following information: Monthly payment summary related to directors and senior managers: Director fees Consultancy fees Salary Private use of company car* Private use of company car - Employee contribution Overnight accommodation allowance Superannuation Extra super contribution - pre-tax Extra super contribution - post-tax Meal entertainment expense reimbursement Dry cleaning allowance (business suits) Total (except for use of company car) Oliver 9,500.00 Volvo 30 days 500.00 200.00 902.50 600.00 100.00 1100.00 12,402.50 Jacob 25,000.00 Mazda 20 days 100.00 350.00 2,375.00 50.00 Isabella 10,000.00 8,500.00 Honda 30 days 250.00 300.00 1,757.50 325.83 300.00 150.00 27,775.00 21,333.33 *The company applies statutory method to all car fringe benefit calculations. All figures in the table above are separate amounts, i.e. no figures are included in one another. The company's asset register has the following information regarding the cars used by the above directors/senior managers. Car Model Volvo Mazda Honda Base value $35,000 $20,800 $27,000 Prepare the data for payroll tax reporting using the tables below. Show the details of all amounts you include and any workings for any calculations you perform. If any items are Exempt, indicate them as such. Car Model Volvo Mazda Honda Base value $35,000 $20,800 $27,000 Workings-Car Fringe Benefit Amount (35,000 x 0.20 x (30 / 365)) - 500 = $75.34 (20,800 x 0.20 x (20/365)) - 100 = $127.94 (27,000 x 0.20 x (30/365)) - 250 = $193.83 Detail Items Income: - Director fees - Consultancy fees - Salary - Other Reportable fringe benefits: - Private use of company car (from your table above) -Allowances - Other Super for payroll tax purposes: Workings Jacob 25,000.00 = Isabella 10,000.00 - Oliver 9,500 + Isabella 8,500 = Dry Cleaning Allowances: Oliver 1,100 + Isabella 150 = O/N Accommodation: Oliver 0 + Jacob (350- 278.05 + Isabella (300-278.05) = Total Income (Volvo 75.34 + Mazda 127.94 + Honda 193.83) x 1.8868 = Meal Reimbursements (Oliver 100 + Jacob 50) x 1.8868 = Total Reportable Fringe Benefits Reportable Amount 25,000.00 10,000.00 18,000.00 1,250 93.90 54,343.90 749.26 283.02 1,032.28 Question 8 For November 2018, COBA Ltd., a NSW-based company, has provided the following information: Monthly payment summary related to directors and senior managers: Director fees Consultancy fees Salary Private use of company car* Private use of company car - Employee contribution Overnight accommodation allowance Superannuation Extra super contribution - pre-tax Extra super contribution - post-tax Meal entertainment expense reimbursement Dry cleaning allowance (business suits) Total (except for use of company car) Oliver 9,500.00 Volvo 30 days 500.00 200.00 902.50 600.00 100.00 1100.00 12,402.50 Jacob 25,000.00 Mazda 20 days 100.00 350.00 2,375.00 50.00 Isabella 10,000.00 8,500.00 Honda 30 days 250.00 300.00 1,757.50 325.83 300.00 150.00 27,775.00 21,333.33 *The company applies statutory method to all car fringe benefit calculations. All figures in the table above are separate amounts, i.e. no figures are included in one another. The company's asset register has the following information regarding the cars used by the above directors/senior managers. Car Model Volvo Mazda Honda Base value $35,000 $20,800 $27,000 Prepare the data for payroll tax reporting using the tables below. Show the details of all amounts you include and any workings for any calculations you perform. If any items are Exempt, indicate them as such. Car Model Volvo Mazda Honda Base value $35,000 $20,800 $27,000 Workings-Car Fringe Benefit Amount (35,000 x 0.20 x (30 / 365)) - 500 = $75.34 (20,800 x 0.20 x (20/365)) - 100 = $127.94 (27,000 x 0.20 x (30/365)) - 250 = $193.83 Detail Items Income: - Director fees - Consultancy fees - Salary - Other Reportable fringe benefits: - Private use of company car (from your table above) -Allowances - Other Super for payroll tax purposes: Workings Jacob 25,000.00 = Isabella 10,000.00 - Oliver 9,500 + Isabella 8,500 = Dry Cleaning Allowances: Oliver 1,100 + Isabella 150 = O/N Accommodation: Oliver 0 + Jacob (350- 278.05 + Isabella (300-278.05) = Total Income (Volvo 75.34 + Mazda 127.94 + Honda 193.83) x 1.8868 = Meal Reimbursements (Oliver 100 + Jacob 50) x 1.8868 = Total Reportable Fringe Benefits Reportable Amount 25,000.00 10,000.00 18,000.00 1,250 93.90 54,343.90 749.26 283.02 1,032.28

Answer rating: 100% (QA)

To prepare the data for payroll tax reporting for COBA Ltd for November 2018 we need to calculate th... View the full answer