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Lanny is a sales representative for Gadget Television. During the current FBT year, she received the following benefits. She was provided with a fully maintained
Lanny is a sales representative for Gadget Television. During the current FBT year, she received the following benefits.
- She was provided with a fully maintained Toyota C-HR purchased by Gadget Television on 1 September of the current FBT year. The motor vehicle cost $18,000. The total running costs excluding depreciation are $8,685 per annum. In the course of the current FBT year, Lanny travelled 20,000 km, of which 6,000 km are shown as private in her logbook.
- As part of her salary package, a superannuation benefit was provided on a 5:10% employee-employer basis.
- Lanny was given a television valued at $850.
Required:
Calculate the fringe benefits tax payable by Gadget Television for the current FBT year. Justify and support your answer with relevant fringe benefits tax legislation.
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