Between 1 April 2019 and 31 March 2020 (the 201920 FBT year) Max Co Pty Ltd provides

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Question:

Between 1 April 2019 and 31 March 2020 (the 2019–20 FBT year) Max Co Pty Ltd provides its employees with the following benefits:

a) a briefcase was given to the IT consultant valued $1200 (GST incl)for work purposes.

b) A rental benefit provided to one of the other employees valued $12000(GST incl)

c) Personal training for physical fitness provided to the operation manager valued $2000(GST incl)

d) Home electricity and internet bill paid for one of the employees who work from home valued $2400(GST incl)

e) During the Christmas party, the company gifted all its 30 employees with $50 gift voucher (GST excl)

f) A debt was waived valued $10000 (No GST) for a long-serviced employee.

Required:

Analyze and explain whether each of the above benefits given by Max Co Pty Ltd will be considered as a fringe benefit? Based on your short analysis determine the total taxable value, grossed-up value and the final fringe benefits tax liability for Max Co Pty Ltd