You run an electronic store that sells Refrigerator for $2,700 to the public. During the current FBT year, the business gave “employee 1” a refrigerator. These prices are the lowest selling price including GST. Employee1 paid a total of $700 for the refrigerator. Employee1 did not enter into a salary packaging arrangement to pay for the goods. The goods are not used for work-related purposes. 

Required: 

Considering all the available fringe benefits concessions explain the total fringe benefits tax liability for the business. 

Answer rating: 100% (QA)

Total payment of GST 700 Is treated as a Fringe benefits tax liability Here are some of the more common fringe benefits provided to employees that are ... View the full answer