You run an electronic store that sells Refrigerator for $2,700 to the public. During the current FBT year, the business gave employee 1 a refrigerator. These prices are the lowest selling price including GST.

Employee1 paid a total of $700 for the refrigerator. Employee1 did not enter into a salary packaging arrangement to pay for the goods. The goods are not used for work-related purposes.

Required:

Considering all the available fringe benefits concessions explain the total fringe benefits tax liability for the business. (7 Marks)