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Kharkive Pty. Ltd. Is a manufacturer/retailer of electrical appliances in major cities of Australia. The company has provided the following fringe benefits to its
Kharkive Pty. Ltd. Is a manufacturer/retailer of electrical appliances in major cities of Australia. The company has provided the following fringe benefits to its employees. i) Morlington, an employee, borrowed $16,000 from his employer on 14 February 2022 to pay for his wedding at a cost of $10,000 and remaining $6,000 to pay for their new house. The loan was provided at an interest rate of 2.37%. The repayment of the loan was waived by its employer on 31 Mar 2022. ii) Kharkive provided an item that they normally sell retail for $2,200 to an employee for $300. iii) The marketing manager had lunch with three customers. Kharkive reimbursed the manager $148 for the lunch. Kharkive has elected to have "meal entertainment" fringe benefit assessed 50/50 split method. Required Determine the fringe benefits taxable amount. Total - 10 marks
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