During the 2019/20 FBT year, Tesla Ltd gave an employee a personal loan of $50,000. The loan existed for the entire FBT year and provided to the employee at a low interest rate of 2.5% pa. The employee used the loan to pay for her wedding & honeymoon. Required: Calculate the fringe benefit payable of the Loan Fringe Benefit
During the 2019/20 FBT year, Tesla Ltd gave an employee a personal loan of $50,000. The loan existed for the entire FBT year and provided to the employee at a low interest rate of 2.5% pa. The employee used the loan to pay for her wedding & honeymoon. Required: Calculate the fringe benefit payable of the Loan Fringe Benefit
Chapter3: Income Sources
Section: Chapter Questions
Problem 80P
Related questions
Question
During the 2019/20 FBT year, Tesla Ltd gave an employee a personal loan of $50,000. The loan existed for the entire FBT year and provided to the employee at a low interest rate of 2.5% pa. The employee used the loan to pay for her wedding & honeymoon.
Required: Calculate the
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT