Question
SSS Ltd, which is GST registered, provides the following benefits to its employees for the year ended 31 March 2020. A motor vehicle with an
SSS Ltd, which is GST registered, provides the following benefits to its employees for the year ended 31 March 2020.
A motor vehicle with an ATV of $40,000 (GST Exclusive) was provided to Timothy for private use. During the year, the vehicle was not available for Timothy's use for 5 days while it was being repaired and serviced. Timothy used the car for company business on 10 days. He contributed $1,200 towards the running costs of the vehicle during the year.
On 1 April 2019, a loan of $50,000 at 2% interest was provided to Ramona a long serving employee.
Unclassified benefits of $20,000 (cost price) were provided to employees (retail value $30,000) during the year. The employees contributed $10,000.
Required:
Calculate the taxable value of the fringe benefits provided by SSS Ltd for the year ended 31 March 2020.
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Taxable value of the fringe benefits provided by SSS Ltd for the year ended 31 March 20 Taxable bene...Get Instant Access to Expert-Tailored Solutions
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