Fred is an employee of Big Bank Pty Ltd, a national banking specialist. On 1 April 2015,
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- Fred is an employee of Big Bank Pty Ltd, a national banking specialist. On 1 April 2015, Fred takes out a housing loan with his employer for $300,000 at an interest rate of 2% pa. This was a very good rate as he had made enquiries and the rate available at his bank was 6%. The statutory rate for the 2015-16 FBT year is 5.65%. Required: Calculate the FBT payable by Big Bank Pty Ltd in relation to the loan fringe benefit. (10 marks) (b) Registration for GST is considered to be the key principle underlying the operation of the system. Discuss the registration requirements for GST for all entities required to register under the system. (5 marks) Term 2
- Calculate the net income tax payable for an Australian resident individual who does not have any private health insurance but who has taxable income for the 2015/16 income year of: (a) $17,000 (5 marks) (b) $120,000 (5 marks) (c) $250,000
- Hadrian Trust is a resident discretionary inter-vivos trust carrying on retail trading activities. During the 2014/2015 income year the trust made a loss of $10,000 calculated in accordance with s 95(1) ITAA 1936. Hadrian Trust has performed better in 2015/2016, with income of Hadrian Trust comprising: Profit from the business activities $55,000 Interest on term deposit $5,000 Fully franked dividend (with imputation credit of $3,000) $7,000 During the 2015/2016 income year, tax deductible business expenses of $9,000 were incurred. The trustee has exercised discretion to make the following payments to beneficiaries who all have a vested interest in the income of the trust: Jillian, aged 68, who suffers dementia and is unable to give discharge to a legal contract 25% of trust net income Dimitri, aged 63 25% of trust net income Viktor, aged 22 10% of trust net income Yvette, aged 12 15% of trust net income which is to be accumulated indefeasibly and paid at age 21. In the event of her death Yvette's share will be paid to her estate. Any remaining income is to be retained in the trust for re-investment purposes. Required: (a) Calculate the s 95(1) trust net income for 2015/2016. (5 marks) (b) Explain how the trust net income will be assessed in the 2015/2016 income year, making reference to whether assessment will be to the trustee and/or beneficiaries. (10 marks) You should make reference to appropriate provisions of the ITAA36.
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