Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi Could you please help me on this. Question 30 Lou is an employee at a large real estate agency and is paid a salary

Hi Could you please help me on this.

image text in transcribed
Question 30 Lou is an employee at a large real estate agency and is paid a salary and commission on sales. He has negotiated the following benefits with his 10 points SAVE ANSWER employer: . Provision of a car for work and personal use. Lou was provided with the car for the period 1 April 2019 to 31 March 2020. The leased car value was $22,000 at 1 April 2019, and the car had only been leased for a year at that time. Lou is required to pay for any petrol costs which he has determined to be $1,300 for the period 1 April 2019 to 31 March 2020. Provision of the latest model smart phone on 1 April each year as Lou is usually "on the street" and needs a good phone to do his job. Lou estimates that he uses the phone 70% for work purposes. The phone was purchased new on 1 April 2019 for $1,100 (including GST). . In addition he was provided with 10 gift vouchers worth $50 each for use at the local supermarket as a Christmas gift. A. Advise Lou's employer as to the FBT consequences (including calculation of any FBT liability) arising out of the above information. B. Would your advice change if the vouchers were used to purchase gifts for clients and new owners who finalized sales in December? I 6:30 AM O Type here to search O e 10/21/2020 DELL POUP PoDn Home F12 PrtScr Insert Delete F8 F9 F10 F11 F6 F7 Backspace Lock F4 F5 F3 4 5 E O D R Enter

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Financial Accounting

Authors: Kermit Larson, John Wild

20th Edition

77338235, 978-0077619442

More Books

Students also viewed these Accounting questions

Question

Write an example of a database request.

Answered: 1 week ago

Question

What reward will you give yourself when you achieve this?

Answered: 1 week ago