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Janice is an employee of Moneyco Pty Ltd, a national housing loan specialist. On 1...

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Accounting

Janice is an employee of Moneyco Pty Ltd, a national housing loan specialist. On 1 April 2015, Judith takes out a housing loan with her employer for $200,000 at an interest rate of 3% pa. This was a very good rate as she has shopped around and the rate available from her current bank was 8%. The statutory rate for the 2015-16 FBT year is 5.65%.

Required:

a ) Calculate the FBT payable by Moneyco Pty Ltd in relation to the loan fringe benefit.

(b) Iris runs a small flower shop in a shopping centre near Broadmeadows. Her average monthly turnover is $6,000 but another flower shop that operated in the same shopping centre has just closed down and she expects her monthly turnover to increase to around $10,000.

Required: Should Iris register for GST and if so, when?

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