1. During the 2020 FBT year, MINNI CO Ltd 'the company', loaned an employee $2305 at 2.5% annual interest. Before the employee made any repayments on the loan, the company informed the employee that he did not have to repay the loan.

MINNO CO Ltd does not intend to claim input tax credits on this benefit.

Required: Calculate the FBT payable on this Debt Waiver Fringe Benefit.

2.

During the 2021 financial year, Kate (a resident taxpayer) received wages from her employment totaling $65,400.

She had no other assessable income and no allowable tax deductions.

Her employer made PAYG withholding deductions of $5,400 on her behalf.

Required:

Calculate the net tax payable / refundable (Ignore Medicare Levy)

Can you please provide me the answer with in 15 minutes please