Furniture Kings Ltd manufactures and sells to the general public various furniture items and in the 2023 FBT year has rewarded its five employees by allowing each employee to receive, free of charge, $2,000 worth of furniture items (this is based on the retail value). Does Furniture Kings Ltd have any FBT liability for the year ended 31 March 2023 and if so what is that liability? 

a. $7,332.71 

b. $0

c. $9,776.94 

d. $2,444.25

Answer rating: 100% (QA)

The Fringe Benefits Tax FBT liability for Furniture Kings Ltd can be calculated ba... View the full answer