Sam accepts an offer of employment made by QP Pty Ltd (QP) to be their new marketing

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Sam accepts an offer of employment made by QP Pty Ltd (QP) to be their new marketing manager.

On 1 April 2019 QP made an interest free loan of $78913to Sam. He used the loan to pay off the mortgage on his mother's home.

QP is not entitled to claim an input tax credit for GST purposes.

Required:

Advise QP of the fringe benefits tax payable, if any, (rounded to the nearest dollar) for the FBT year ended 31 March 2020.

Related Book For answer-question

Canadian Income Taxation Planning And Decision Making

ISBN: 9781259094330

17th Edition 2014-2015 Version

Authors: Joan Kitunen, William Buckwold

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Posted Date: Mar 09, 2024 04:37 AM

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Sam accepts an offer of employment made by QP Pty Ltd (QP) to be their new marketing

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To calculate the fringe benefits tax FBT payable by QP Pty Ltd QP for the FBT year ended 31 Marc... View the full answer

Canadian Income Taxation Planning And Decision Making

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