Greg is employed by NAB as a branch manager in Melbourne. As part of an employee incentive package, NAB pays Gregs gym membership fee of $350 per year. Greg also receives a corporate mobile phone valued at $1,000 which he mainly uses for work.

NAB is a financial institution primarily making input taxed supplies and is not entitled to input tax credits on acquisitions.

The amount of FBT payable by NAB on the above benefits above is:

Group of answer choices

$1,197

$1,291

$310

Nil

$342