Gordon accepts an offer of employment made by QP Pty Ltd to be their new...
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Accounting
Gordon accepts an offer of employment made by QP Pty Ltd to be their new associate director.
On 1 April 2019, QP Pty Ltd made Gordon an interest free loan of $500,000 to last for 3 years.
Gordon used the loan money from his employer to pay out a previous loan on his home from XYZ Bank that was costing him 7% per
annum.
QP Pty Ltd is not entitled to claim any input tax credit for GST purposes.
Required:
Advise QP Pty Ltd of the Fringe Benefits Tax payable, if any, (rounded to the nearest dollar) for the FBT year ended 31 March 2020.
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