Taxation Law Subject

On 1 April 2021, Barissa's brother, Pierce, was working for a local travel agent. On this day, he received a low interest loan of $60,000 from his employer. The interest rate applicable to the loan was 4%. Pierce used the loan funds to purchase shares. Required: Calculate the value of the fringe benefit at 31 March 2022; and Identify whether Pierce is required to declare this fringe benefit in his tax return for the year ended 30 June 2022. (Refer TV \& RTV Woellner Para 26-455)