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Evita accepts an offer of employment made by Quality Lawyers Pty Ltd (Quality) to be their new marketing manager. On 1 January 2020 Quality made
Evita accepts an offer of employment made by Quality Lawyers Pty Ltd (Quality) to be their new marketing manager.
On 1 January 2020 Quality made an interest free loan of $900,000 to Evita. Evita used the $900,000 to buy Rio Tinto Shares. On 1 March 2020 Evitas employer told her she did not have to repay $500,000 of the loan. Quality is not entitled to claim the input tax credit for GST purposes.
Required: Advise Quality of the fringe benefits tax payable, if any, (rounded to the nearest dollar) for the FBT year ended 31 March 2020.
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