Question
Estella accepts an offer of employment made by Sharky Lawyers Pty Ltd (Sharky) to be their new marketing manager. On 1 June 2016 Sharky made
Estella accepts an offer of employment made by Sharky Lawyers Pty Ltd (Sharky) to be their new marketing manager.
On 1 June 2016 Sharky made an interest free loan of $901,000 to Estella.Estella used the $901,000 to buy Australian shares.On 1 March 2017 Estella's employer told her she did not have to repay $99,000 of the loan.Sharky is not entitled to claim the input tax credit for GST purposes.
Required: Advise Sharky of the fringe benefits tax payable, if any, (rounded to the nearest dollar) for the FBT year ended 31 March 2017.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Cost Management Measuring, Monitoring And Motivating Performance
Authors: Leslie G. Eldenburg, Susan K. Wolcott, Liang Hsuan Chen, Gail Cook
3rd Canadian Edition
978-1-119-1856, 978-1119185697
