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)

FBT RATE = 47%

All-Chem Pharmaceuticals is a pharmaceutical company and has provided the following fringe benefits to its employee during the fringe benefits tax year ended31stMarch 2019.

FBT rate and gross up factors for the2018-19 FBT year, You may visitwww.ato.gov.auand search for 'FBT rate'.

1. Classify the benefits as Type 1 or Type 2. (Record your answer in the table below).

2.Calculate All-Chem's Fringe Benefits Tax (FBT) liability for the2018/19FBT year.

BENEFITS

Drinks and entertainment (including GST) 25,120.00

Expense reimbursement (including GST) 4,036.00

Employee Rent 24,100.00

Calculate Type 1 grossed-up benefit =

Calculate Type 2 grossed-up benefit =

Total FBT payable =