Australian Tax 2021 by Dr Paul Kenny, Dr Sylvia Villios - Accounting and Finance Assignment Help

Assignment Task:

Task:

Chapter 18: Fringe benefits tax
Note that these are indicative answers. The answers can vary depending on the assumptions made about the facts. As in the real world, facts are sometimes ambiguous. Many of the questions are based on ATO Interpretative Decisions and thus take a conservative view of tax law. If you find an anomaly with any of the answers, please do not hesitate to DISCUSS WITH YOUR TEACHERS.

8. Best Tax Group provides its employees with the following fringe benefits in the current FBT year. Ben receives the Australian Financial Review on weekdays (at a cost of $500), a laptop computer to use at work (at a cost of $1,200), a flat screen television (at a cost of $2,500) and a return flight to Thailand for a holiday (at a cost of $800). Best Tax Group also pays the secretary’s childcare costs of $900.
Calculate Best Tax Group’s fringe benefits taxable amount for the year and FBT liability (Best Tax Group is registered for GST).

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