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THIS IS A QUESTION REQURING AN ESSAY STYLE ANSWER. of Harry borrowed $200,000 on 1 April 2019 at an interest rate of 2% from his employer, XYZ Pty Limited. The loan was to be for 15 years. The loan money was used to purchase BHP shares from which he would be the recipient of regular dividends. The loan lasted from 1 April 2019 to 31 March 2020 but on the 31st March 2020, the employer, XYZ Pty Limited announced that Harry was a highly regarded employee and that his debt of $200,000 was now cancelled and he need not pay it back. Required: Explain to XYZ Pty Limited which fringe benefits would apply and refer to the relevant section(s) of the FETAA that apply. (2 marks) Then show the taxable values (if any) (2 marks] Then show how you would calculate the fringe benefits tax payable (if any) rounded to the nearest dollar for the 2020 FBT year (4 marks) Who is liable to pay the Fringe Benefits Tax? (2 marks) Your answer must include explanation of the legal principles as well as calculations. THIS IS A QUESTION REQURING AN ESSAY STYLE ANSWER. of Harry borrowed $200,000 on 1 April 2019 at an interest rate of 2% from his employer, XYZ Pty Limited. The loan was to be for 15 years. The loan money was used to purchase BHP shares from which he would be the recipient of regular dividends. The loan lasted from 1 April 2019 to 31 March 2020 but on the 31st March 2020, the employer, XYZ Pty Limited announced that Harry was a highly regarded employee and that his debt of $200,000 was now cancelled and he need not pay it back. Required: Explain to XYZ Pty Limited which fringe benefits would apply and refer to the relevant section(s) of the FETAA that apply. (2 marks) Then show the taxable values (if any) (2 marks] Then show how you would calculate the fringe benefits tax payable (if any) rounded to the nearest dollar for the 2020 FBT year (4 marks) Who is liable to pay the Fringe Benefits Tax? (2 marks) Your answer must include explanation of the legal principles as well as calculations