Complete business activity and instalment activity statements in Australia Fringe Benefits Tax

1. Cherry Cosmetics is a cosmetic company and has provided the following fringe benefits to its employees during the FBT year ended31 March2019:

Entertainment food and drinks $13000.00 (including GST)

A statutory interest amount of $10120.00 on free loans provided to employees.

Required: Calculate Cherry's FBT liability for the2019 FBT year. (Gross-up factors to 4 decimal places, all other entries to 2 decimal places)

Tip: If you cannot find the rate and gross-up factors for this FBT year in your textbook, visit www.ato.gov.au and search for 'FBT rate'.

(ii)For FBT year 2017/18 or 2018/19:

What is the value of type 1 gross-up factor ?

Type 1 grossed up value?

What is the value type 2 gross-up factor ?

Type 2 grossed up value ?

Total grossed up value ?

FBT payable for the year?

2. Jones Cars wishes to sell a car worth $80400 including GST, but before Luxury Car Tax (LCT).

Tip: If you cannot find the threshold for the2018-19financial year in your textbook, visithttp://www.ato.gov.auand search for 'LCT threshold'.

Calculate the amount of LCT using the2018-19threshold amount

(2 decimal places)

Luxury Car Tax = $

Calculate the total amount Jones Cars should charge for the car

(2 decimal places)

Total Sale Price= $