Question
Complete business activity and instalment activity statements in Australia Fringe Benefits Tax Type 1: 2.0802 (for benefits where the provider is entitled to GST credits)
Complete business activity and instalment activity statements in Australia
Fringe Benefits Tax
Type 1: 2.0802 (for benefits where the provider is entitled to GST credits)
Type 2: 1.8868 (for benefits where the provider is not entitled to GST credits)
Statutory Interest Rate (2018-19) is 5.20%
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) | 13,000.00 |
| A statutory interest amount of $10120.00 on free loans provided to employees. | 10,120.00 |
Calculate Cherry's FBT liability for the2019 FBT year. (Gross-up factors to 4 decimal places, all other entries to 2 decimal places)
Tip: Please find the rate and gross-up factors for this 2018-2019 FBT year at 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? |
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Intermediate Accounting Volume 2
Authors: Thomas H. Beechy
5th Edition
0071091319, 978-0071091312
