Business activity statement information Mud Matters had previously provided one of their former staff with a motor vehicle and the bus was paying fringe benefits tax (FBT) on this. The FBT was calculated using the operating cost me and had a business use of 75%. The staff member ceased employment with Mud Matters on 30 2021 and the motor vehicle is now garaged and not being used. In addition, as an employee benefit Mud Matters provided Sian, a permanent staff member, with interest only loan of $18,000 at 2.3% to purchase an off-road camper van. At 31 March 2021, Sian not made any principal repayments on the loan. She borrowed the money on 1 November 2020 . employer, Mud Matters, also agreed to reimburse Sian for the cost of her children's school fees. 5 received a payment of $24,000 from the employer on 27 February 2021 in relation to this. Sia spouse, Mark, was provided with a laptop computer worth $3,600 by Mud Matters. He uses it to he Sian with her work for Mud Matters. Consider what advice you would give Mud Matters as to the FBT consequences (including calculatic of any FBT liability) arising out of the above information. You can assume that the off-road campe van and children's school fees are not deductible expenses for tax purposes. The ATO currently have Mud Matters paying FBT instalments of $1,630 per quarter. Mud Matter. would like you to consider if this tax needs to be paid for the September 2021 quarter. The ATO advised Penny last month that she has a persopal quarterly tax instalment payable of $9,200 per quarter. She is to start paying this fixed amount to lige ATO commencing in the September 2021 quarter. There are no liabilities for WET, LCT, or FTC. All amounts are GST inclusive where applicable. Additional information Penny has also consulted a local lawyer in relation to her tax affairs. Mud Matters has done exceptionally well since the relaxing of COVID restrictions for restaurants and she is thinking of expanding her portfolio to primary industries and sourcing her own timber for packaging and shipping her exclusive designs. She is considering investing in a sustainable timber forest which does not have a product ruling. END OF CASESTUDY Business activity statement information Mud Matters had previously provided one of their former staff with a motor vehicle and the business was paying fringe benefits tax (FBT) on this. The FBT was calculated using the operating cost method and had a business use of 75%. The staff member ceased employment with Mud Matters on 30 June 2021 and the motor vehicle is now garaged and not being used. In addition, as an employee benefit Mud Matters provided Sian, a permanent staff member, with an interest only loan of $18,000 at 2.3% to purchase an off-road camper van. At 31 March 2021, Sian had not made any principal repayments on the loan. She borrowed the money on 1 November 2020 . Her employer, Mud Matters, also agreed to reimburse Sian for the cost of her children's school fees. Sian received a payment of $24,000 from the employer on 27 February 2021 in relation to this. Sian's spouse, Mark, was provided with a laptop computer worth $3,600 by Mud Matters. He uses it to help Sian with her work for Mud Matters. Consider what advice you would give Mud Matters as to the FBT consequences (including calculation of any FBT liability) arising out of the above information. You can assume that the off-road camper van and children's school fees are not deductible expenses for tax purposes. The ATO currently have Mud Matters paying FBT instalments of $1,630 per quarter. Mud Matters would like you to consider if this tax needs to be paid for the September 2021 quarter. The ATO advised Penny last month that she has a personal quarterly tax instalment payable of $9,200 per quarter. She is to start paying this fixed to the ATO commencing in the September 2021 quarter. There are no liabilities for WET, LCT, or FTC. All amounts are GST inclusive where applicable. Additional information Penny has also consulted a local lawyer in relation to her tax affairs. Mud Matters has done exceptionally well since the relaxing of COVID restrictions for restaurants and she is thinking of expanding her portfolio to primary industries and sourcing her own timber for packaging and shipping her exclusive designs. She is considering investing in a sustainable timber forest which does not have a product ruling. END OF CASE STUDY Business activity statement information Mud Matters had previously provided one of their former staff with a motor vehicle and the bus was paying fringe benefits tax (FBT) on this. The FBT was calculated using the operating cost me and had a business use of 75%. The staff member ceased employment with Mud Matters on 30 2021 and the motor vehicle is now garaged and not being used. In addition, as an employee benefit Mud Matters provided Sian, a permanent staff member, with interest only loan of $18,000 at 2.3% to purchase an off-road camper van. At 31 March 2021, Sian not made any principal repayments on the loan. She borrowed the money on 1 November 2020 . employer, Mud Matters, also agreed to reimburse Sian for the cost of her children's school fees. 5 received a payment of $24,000 from the employer on 27 February 2021 in relation to this. Sia spouse, Mark, was provided with a laptop computer worth $3,600 by Mud Matters. He uses it to he Sian with her work for Mud Matters. Consider what advice you would give Mud Matters as to the FBT consequences (including calculatic of any FBT liability) arising out of the above information. You can assume that the off-road campe van and children's school fees are not deductible expenses for tax purposes. The ATO currently have Mud Matters paying FBT instalments of $1,630 per quarter. Mud Matter. would like you to consider if this tax needs to be paid for the September 2021 quarter. The ATO advised Penny last month that she has a persopal quarterly tax instalment payable of $9,200 per quarter. She is to start paying this fixed amount to lige ATO commencing in the September 2021 quarter. There are no liabilities for WET, LCT, or FTC. All amounts are GST inclusive where applicable. Additional information Penny has also consulted a local lawyer in relation to her tax affairs. Mud Matters has done exceptionally well since the relaxing of COVID restrictions for restaurants and she is thinking of expanding her portfolio to primary industries and sourcing her own timber for packaging and shipping her exclusive designs. She is considering investing in a sustainable timber forest which does not have a product ruling. END OF CASESTUDY Business activity statement information Mud Matters had previously provided one of their former staff with a motor vehicle and the business was paying fringe benefits tax (FBT) on this. The FBT was calculated using the operating cost method and had a business use of 75%. The staff member ceased employment with Mud Matters on 30 June 2021 and the motor vehicle is now garaged and not being used. In addition, as an employee benefit Mud Matters provided Sian, a permanent staff member, with an interest only loan of $18,000 at 2.3% to purchase an off-road camper van. At 31 March 2021, Sian had not made any principal repayments on the loan. She borrowed the money on 1 November 2020 . Her employer, Mud Matters, also agreed to reimburse Sian for the cost of her children's school fees. Sian received a payment of $24,000 from the employer on 27 February 2021 in relation to this. Sian's spouse, Mark, was provided with a laptop computer worth $3,600 by Mud Matters. He uses it to help Sian with her work for Mud Matters. Consider what advice you would give Mud Matters as to the FBT consequences (including calculation of any FBT liability) arising out of the above information. You can assume that the off-road camper van and children's school fees are not deductible expenses for tax purposes. The ATO currently have Mud Matters paying FBT instalments of $1,630 per quarter. Mud Matters would like you to consider if this tax needs to be paid for the September 2021 quarter. The ATO advised Penny last month that she has a personal quarterly tax instalment payable of $9,200 per quarter. She is to start paying this fixed to the ATO commencing in the September 2021 quarter. There are no liabilities for WET, LCT, or FTC. All amounts are GST inclusive where applicable. Additional information Penny has also consulted a local lawyer in relation to her tax affairs. Mud Matters has done exceptionally well since the relaxing of COVID restrictions for restaurants and she is thinking of expanding her portfolio to primary industries and sourcing her own timber for packaging and shipping her exclusive designs. She is considering investing in a sustainable timber forest which does not have a product ruling. END OF CASE STUDY