Your client A1 Retail Pty Ltd, has provided the following benefits to the Company's senior Manager. a. This payment is for an estimated cost of electricity used in his home workshop. The total amount paid during the FBT year is $550 b. Loan at an interest rate of 1%. The company made the loan on 1 April 2020. The manager used the loan for private purposes, the total amount lent was $45,000 c. On 1 January 2021, the company provided a car to the employee for private use.The total cost of the vehicle was $45000. d. The company paid for releocation expenses to move the senior Manager from Katherine to Darwin. The total cost of $5,000 is paid directly to the transport company. Advise A1 Retail Pty Ltd on which of the above items will be subject to Fringe Benefits Tax and determine the Frimge benefits Tax payable for the Fringe Benefit year ended 31 March 2021. Justify your comments using legislation and case law.

Answer rating: 100% (QA)

a Home Workshop Electricity Fringe Benefit Potentially yes Justification Payment for personal electricity use constitutes a property fringe benefit un... View the full answer