Miss Trix Brown, 33 years old and unmarried, is employed as a project leader by Cancount Limited, a provider of telecommunication products and services. The following information relates to Trix for the year of assessment ended 28 February 2009. 

1. Trix borrowed R60 000 from her employer on 1 December 2007 to finance a portion of the acquisition of her vehicle. The company charges her a fixed interest rate of 10% per annum. On i March 2008 the outstanding capital balance was R54 000. During the current year, she repaid R10 000 on 31 July 2008 and R14 000 on 28 February 2008.

2.  Trix was living in one of her employer's houses up to 31 January 2009. The house is unfurnished and she had to pay for her own power consumption. 

3. Trix's remuneration factor is R140 000. Trix receives R500 per month to entertain clients. During the year she spent R6 750 on entertaining clients. 

4. Cancourt Limited runs a cafeteria for their staff. On average, Trix has a meal there twice a day, three days a week, 48 weeks a year. She saves approximately R10 per meal compared to what she would have paid had she eaten at a public restaurant. 

5. From 1 August 2007, Trix's employer provided her with a company car and ceased paying her the monthly travelling allowance of R3 200. She was provided with a BWM 118, with a cost price of R148 200 (including VAT). The BWM was previously used by another employee for 1 year. 

Required: 

Calculate the fringe benefits received by Trix for the year of assessment ended 28 February 2009. 

Ignore the effect of Capital Gains Tax 

Assume that the official rate of interest was 12% for the full period.

Answer rating: 100% (QA)

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