Laura is Cathy's employer. On 1 April 2020, Laura purchased a car for $50,000 which he made available for 

Cathy's private use throughout the FBT year.

Cathy trave

lled 5000 km in the car during this period.

her usage has not changed since he kept a logbook in 2020 which showed business use was 20%.

The petrol and other related costs in relation to the car for FBT year is $8000 of which Cathy paid

$3000.

Other relevant company payments

$1600 dance lessons

$1000 work related seminar

$800 private telephone account

$4000 laptop computer (used for work)

Calculate the fringe benefits tax liability for Laura for the FBT year ended 31 March 2021 based

on the available information.

(b)

May lends $20,000 to his employee Paul on the basis that he pays monthly interest at the rate of

2 % pa. During the 2020/21 FBT year, Paul pays all interest payments owing under the loan when

they become due but does not repay any of the principal sum. He uses 20% of the borrowed

funds for income-producing purposes and the balance for private purposes.

Calculate the taxable value of the loan fringe benefit for the FBT year ended 31 March 2021

based on the available information.

Answer rating: 100% (QA)

Fringe Benefit Tax Calculations a Lauras Car for Cathy Step 1 Calculate car value for FBT Since Cath... View the full answer