On 1 April 2019, Penny was employed as an accountant at PayPl Ltd. Her salary package includes

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On 1 April 2019, Penny was employed as an accountant at PayPl Ltd. Her salary package includes reimbursement of her home telephone account.

During the 2020 FBT year, the total cost was $5431. Penny would have been entitled to claim a deduction of 25% under the Tax Acts.

PayPl Ltd is entitled to claim an input tax credit for GST purposes.

Required:

Calculate the Fringe Benefits Tax that PayPl Pty Ltd is liable to pay on this fringe benefit for the 2020 FBT year.

Related Book For answer-question

Federal Taxation 2020 Comprehensive

ISBN: 9780135196274

33rd Edition

Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse

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Posted Date: Mar 04, 2024 08:14 AM

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On 1 April 2019, Penny was employed as an accountant at PayPl Ltd. Her salary package includes

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Heres how to calculate the Fringe Benefits Tax FBT that PayPl Pty Ltd is liable to pay for the 2020 ... View the full answer

Federal Taxation 2020 Comprehensive

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