Question
The More Talk Telecom Company provides their employees with the following benefits during the year ended 31 March 2018. The employer is registered for GST
The More Talk Telecom Company provides their employees with the following benefits during the year ended 31 March 2018. The employer is registered for GST and able to claim input tax credits.
Description of Benefit | Taxable Value ($) |
Alfa Romeo (purchased January 2006) |
50,000
|
Alfa Romeo (purchased January 2006) |
|
Expense Payment benefit medical costs (GST-free) | 5,000 |
Loan Benefit* | 4,800 |
Expense Payment benefitoverseas travel | 4,000 |
Mitsubishi car (purchased April 1999) | 4,500 |
*GST does not affect the taxable value of loan fringe benefits
Required:
Calculate FBT payable by Disco Biscuit Company for the year ended 31 March 2018
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