Question
Lim receives a car and a loan from his employer as part of his salary package. Using the following details, determine the amount of FBT
Lim receives a car and a loan from his employer as part of his salary package. Using the following details, determine the amount of FBT the employer would pay for the 2020 FBT year. Car– Base value of the car purchased in 2018 was $40000-The car is used by Lim for the full FBT year-Lim does not make any contribution towards the running costs of the vehicle-The car has travelled 20000km in the current year-A logbook has not been keptLoan– Principal amount of $100000-Interest rate charged for the loan is 2%-The loan proceeds were used for private purposes
Step by Step Solution
3.45 Rating (158 Votes )
There are 3 Steps involved in it
Step: 1
FBT for 2020 5344 Fringe benefits tax or FBT It refers to a tax th...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Business Statistics A Decision Making Approach
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
9th Edition
013302184X, 978-0133021844
