Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 5 Gumdrops Ltd, a GST registered person, provides the following benefits to its employees in the quarter ended 31 March 2020: A motor vehicle
Question 5 Gumdrops Ltd, a GST registered person, provides the following benefits to its employees in the quarter ended 31 March 2020: A motor vehicle which cost $30,000 (GST inclusive) is made available for Tom's private use. The car was not available for Tom's use for 1 day when it was getting repaired and serviced. Tom also drove the car for a business trip for 2 days. Contributions of $2,600 made to Dicks death benefit fund. An interest-free loan of $30,000 to Harry. Contribution of $1,500 made to Mary to help subsidise her holiday trip to Paris. What is the taxable value of fringe benefits and the GST on fringe benefits provide the by Gumdrops Ltd for the quarter ended 31 March 2020
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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