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Q2. Lanny is a sales representative for Gadget Television. During the current FBT year, she received the following benefits. (a) She was provided with a
Q2. Lanny is a sales representative for Gadget Television. During the current FBT year, she received the following benefits. (a) 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. (11 marks) (b) As part of her salary package, a superannuation benefit was provided on a 5:10% employee-employer basis. (2 marks) (6) Lanny was given a television valued at $850. (3 marks) 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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