On 1 April 2020 Andrew received a restored Ford Mustang from his employer Winc Pty Ltd, an IT Business, as part of his salary package. It cost $30,000.00. The lease and running costs are $1050 per month, paid to Classic Cars Pty Ltd. During the FBT year ended 31 March 2020 it travelled 16,000 km, of which half were for business. 

Explain and calculate the tax consequences of this arrangement, with appropriate references to the relevant law.

Answer rating: 100% (QA)

Answer fringe benefit tax 3549030 Explanation Tax consequences will ... View the full answer