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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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