Boliwark Pty. Ltd. Is a manufacturer/wholesaler of electrical appliances supplying to retailers in major cities of Australia.

a) Morlington, an employee, borrowed $16,000 from his employer on 1 February 2020 to pay for his wedding at a cost of $10,000 and remaining $6,000 to pay for their new house. The loan was provided at an interest rate of 2.37%.

b) On 17 January 2020, Mick, an employee purchased a television from his employer for $100. The television would usually be sold to retailers at prices ranging from $2,000 to $2,500 and cost the employer $1,250 to purchase.

c) As one of employees travels regularly for work within Australia, Boliwark has decided to pay $500 for the annual membership fees for Qantas airport lounge services

d) Loo leases a car in his own name for business use only. Boliwark reimburses $12,000 to Loo.

Required

a) Calculate the taxable value of the fringe benefit for the 2020 Fringe Benefits Tax year.

b) Calculate the minimum Fringe Benefits Tax payable by Boliwark in respect of the above fringe benefits. Boliwark is registered for GST.