1. On 1 April 2021, John, who is an employee of Sydney Pty Ltd (the "Company"), received a low-interest loan of $100,000 for one year from the Company. The interest rate on the loan was 1% per annum. John immediately used $20,000 of the loan to buy some shares in BHP and the balance to reduce his home mortgage. In addition, on 1 April 2021, the Company purchased a new car at a cost of $30,000 . The car was solely given to John for private use from 1 April 2021 to 31 March 2022.
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3. (a) Discuss the fringe benefits tax consequences arising from the above information. 
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5. (b) Calculate the fringe benefits tax liability for the year ended 31 March 2022.