Question
On 1 January 2019, Max borrowed $25,000 at an interest rate of 1% per annum from his employer, DCE Ltd. which files its FBT returns
On 1 January 2019, Max borrowed $25,000 at an interest rate of 1% per annum from his employer, DCE Ltd. which files its FBT returns on a quarterly basis. Max has not made any repayments on the loan. The prescribed rate of interest for the quarter ended 31 March 2019 is 5.77%. The taxable value of the employment-related loan provided to Max for the quarter ended 31 March 2019 is:
Select one:
a.$123
b.$233
c.$334
d.$356
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Financial Accounting Fundamentals
Authors: John Wild, Ken Shaw, Barbara Chiappetta
6th edition
1259726916, 978-1259726910
