Brian is a senior bank executive with an annual salary of $200,000. In addition, as part of
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Question:
Brian is a senior bank executive with an annual salary of $200,000. In addition, as part of the remuneration package, his employer provided him with a loan of $100,000 at a special interest rate of 1% per annum. The loan was provided on 1 April 2020. He used 70% of the borrowed funds to buy some shares for investment purposes and the remaining 30% of the borrowed fund to buy a car for private use.
(a) Discuss the fringe benefits tax consequences arising from the above information.
(b) Calculate the fringe benefits tax liability for the year ended 31 March 2021.
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