Question
On 1 April 2019, Lisa borrowed $30803 at an interest rate of 2.37% from her employer, Solarcity Pty Ltd. This was lower than that offered
On 1 April 2019, Lisa borrowed $30803 at an interest rate of 2.37% from her employer, Solarcity Pty Ltd. This was lower than that offered to the public.
Lisa uses the entire amount to replace the loan on her main residence. No part of the expense would have been deductible to Lisa under the Tax Acts.
Solarcity Pty Ltd is not entitled to claim input tax credit for GST purposes.
Required: Calculate the Fringe Benefits Tax that Solarcity Pty Ltd is liable to pay on this loan fringe benefit for the 2020 FBT year.
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College Accounting Chapters 1-26
Authors: Douglas J. McQuaig, Patricia A. Bille
6th Edition
0395796997, 978-0395796993
