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John was given a loan of 50,000 by his employer on 1 May 2019. Interest is payable on the loan at 2% p.a. He repaid
John was given a loan of 50,000 by his employer on 1 May 2019. Interest is payable on the loan at 2% p.a. He repaid 10,000 on 1 June 2019 and 15,000 on 1 November 2019. The remaining 25,000 was outstanding on 5 April 2020. The taxable benefit using average method would be:
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