TASK 3 Question 1 : Enter the information provided into the FBT Data - Client 2 worksheet. UNIQUE AUSTRALIA GROUP FBT INFORMATION Motor Vehicle Cost price Date purchased Depreciated Value at 1 April 2023 * Total Kilometres travelled Business kilometres Employee Contributions Bunning costs Other Expenses Loan Amount [provided at 3%) Maobile Phone expenses [75% WRE) Correction to original written assessment data. Task 3: Calculate Fringe Benefits Client 2 Unique Occasions Pty Ltd provides its manager, with a range of fringe benefits as follows: 1. Use of a motor vehicle, purchased on 1 January 2022 for 543,500 with a written down value of $29,850 530,613 on 31 March 2023. Low-cost loan of 525,000 on 1 April 2023 at an annual interest rate of 3.0% Expense payments mobile phone costs of $3,485 a declaration has been completed by the employee stating that 75% of the costs were work related. The manager has maintained a logbook that disclosed the following over a 12-week period: * Business kilometres 18,255 * Total kilometres 25,950 Unigue Occasions Pty Ltd has also collected the following additional information relating to these fringe benefits: * The total of petrol, registration, insurance and servicing for the year amounted to $12,700, however, the manager paid for additional petrol used in the vehicle during the year of $1,255. *Depreciated Value calcuated as: Cost $43,500 - (Cost 543 500 x 25% FBT Dep'n x 90 / 365) =540,818.49 - (WDV 40,819.49 x 25% FBT Dep'n x 365,/365) =530,613 90 days from 1/1/2022 to 31/3/2022 365 days from 1/4/2022 to 31/3/2023 From the ATO Legal Database : If you or the provider acquired the car in an earlier FET year . the depreciated value of the car is the cost price of the car reduced by deemed depreciation over the period of ownership Required: 1. Enter the information provided above into the FBT Data Client 2 worksheet. 2. Calculate the lowest taxable value of all benefits provided for the FBT year ending 31 March 2024, 3. Calculate the FBT Liability for Unique Occasions Pty Ltd for the 2024 FBT Year. 4. Complete the FBT Return information and provide the details to the Head of Bookkeeping & BAS Services for review and lodgement. MOTOR VEHICLE Taxable Value - Statutory For Dos fouger /6 use iced Base Value of Vehicle Statutory Rate Days available for private use Days in the FBT Year Employee Contributions Taxable Value - STATUTORY FORMULA Total Operating Expenses Rate $ Deemed Depreciation Expense Deemed Interest Expense Running Costs Total Operating Costs MOTOR VEHICLE Taxable Value - Operating Co Total Operating Expenses* Private use percentage Operating Expenses & Prute use % less Employee Contributions Taxable Value - OPERATING METHOD Compare Taxable Values - MOTOR VEHICLE STATUTORY FORMULA OPERATING COST METHOD CHOSEN Select from list Taxable Value - LOAN FRINGE BENEFIT Loan value Interest rate Benchmark interest rate Taxable Value I axable value - EXPENSE PAYMENT FRINGE RENFFIT Mobile Phone Usage (incl GST) Work related % Otherwise deductible amount Taxable ValueTASK 3 Question 3: Calculate Unique Ocassions FBT Liability for the 2024 FBT year. Grossed up taxable Values of Aggregate Type of benefits Amount Benefit Cars - statutory formula (A) Select from list Cars - operating cost method (B) Select from list Loans Granted (C) Select from list Expense Payments - Type 1 (E) Select from list TOTALS FBT Return Calculation Details Taxable Aggregate Gross up Value [incl. Emplcontr. Amount Gross up rate Value Type 1 Benefits Select Type 2 Benefits Select Totals Grossed Up Amount Tax Rate % Tax PayableBUSINESS DETAILS I Taz File Number (TFN] 2 Australian Business Num 3 Name of trustee of senior partner INDIVIDUAL Title: Mr Mrs |Miss |Mr |Other Family Name Given Names Name of employer NON-INDIVIDUAL COMPANY NAME 5 Postal address Suburb/countlocality Staterterritory Partcode 6 Name of the person to contact Provide details below (if applicable) of the person we can contact, if needed, regarding the information in thur return Title: Mr Mrs Miss It Other Family Name ivan Hamer mail address (Ple are ure BLOCK LETTERS) 8 Number of employees receiving fringe benefits during the period 1 April to 31 March 9 Do you expect to lodge FBT return forms for future years? We will cancel your FBT reairtration and future 10 Electronic Funds Transfer (EFT) We need your financial institution detail to pay any refund owing to you, even if you have provided Write the BSB number, account number and name below. BSB Number (must be six numbers) Account Number Account NarRETURN CALCULATION DETAILS 11 A 12 13 14 15 Calculated fringe benefits taxable amount (whole dollars only) Aggregate non-exempt amount (hospitals, ambulances, public or $: :'I: benevolent institutions and health promotion charities only ! Fringe benefits taxable amount A+B)ort $I:|,I:\":| Amount of tax payable (47% of item 12 amount) 5: ,I:\":l Less instalment amounts reported on activity statements $I:| ,I:\":l Payment due or credit due to you $I:|,I:\":| 16 Details of fringe benefits provided WHOLE DOLLARS ONLY Gross taxable Employee Taxable value of Type of benefit provided Value of reductions Number value contribution benefits (1 April To 31 March) (c) (a) (b) (a)- (b) -(c) Cars using the statutory formula A Cars using operating cost method B Loans granted C Debt waiver D Expense payments E a - units of accommodation provided F Employees receiveing living-away-from-home- G Board J Property K me tax exempt body - entertainment L Other benefits (residual) M Car parking N Meal entertainment P