8. On 1 April 2021, John, who is an employee of Sydney Pty Ltd (the "Company"), recelved a low interest loan of $100,000 for one year from the Company. The interest rate on the loan was 1\% per annum. John immediately used $20,000 of the loan to buy some shares in BHP and the balance to reduce his home mortgage. In addition, on 1 April 2021, the Company purchased a new car at a cost of $30,000. The car was solely given to John for private use from 1 April 2021 to 31 March 2022 (a) Discuss the fringe benefits tax consequences arising from the above information. ( 5 marks) (b) Calculate the fringe benefits tax liability for the year ended 31 March 2022. (5 marks) 8. On 1 April 2021, John, who is an employee of Sydney Pty Ltd (the "Company"), recelved a low interest loan of $100,000 for one year from the Company. The interest rate on the loan was 1\% per annum. John immediately used $20,000 of the loan to buy some shares in BHP and the balance to reduce his home mortgage. In addition, on 1 April 2021, the Company purchased a new car at a cost of $30,000. The car was solely given to John for private use from 1 April 2021 to 31 March 2022 (a) Discuss the fringe benefits tax consequences arising from the above information. ( 5 marks) (b) Calculate the fringe benefits tax liability for the year ended 31 March 2022