Task-5:

Omicron Ltd purchased a car on 1st April for $32,000 (Inc.GST) and during the next 12 months it incurred the following cost

Fuel 3,510

Service/repairs 720

Insurance 640

Registration 600

Depreciation expense 9,600

Interest expense 1,872

Total 16,942

The above costs include GST where applicable A logbook showed that business use of the vehicles was 27% Assume that it is registered for GST,

how much fringe benefit tax would Omicron have to pay in respect of FBT year ended 31st March

(The current tax-free threshold for resident people is $18,200, and the highest marginal rate for individuals is 45%. In addition, most Australians are liable to pay the Medicare levy, of which the standard is 2% of taxable income.)

FBT year ending: 31 March 2020: 5.37% (reference TD 2019/6) 31 March 2019: 5.20% (reference TD 2018/2) 31 March 2018: 5.25% (reference TD 2017/3)