Monica accepts an offer of employment made by HesstyModels Pty Ltd (Hessty) to be their...
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Monica accepts an offer of employment made by HesstyModels Pty Ltd (Hessty) to be their new marketing manager. Her salary package includes:
Payment of her familys health insurance premiums. The cost is $10,000. Monica would not be entitled to claim a deduction under the Income Tax Assessment Act 1997 or 1936 had she paid the amount. Hessty is entitled to claim an input tax credit for GST purposes. The payment was made on 1 April 2016.
Required:
Advise Hessty of the fringe benefits tax payable, if any,(rounded to the nearest dollar) for the FBT year ended 31 March 2017.
Monica accepts an offer of employment made by HesstyModels Pty Ltd (Hessty) to be their new marketing manager. Her salary package includes:
Payment of her familys health insurance premiums. The cost is $10,000. Monica would not be entitled to claim a deduction under the Income Tax Assessment Act 1997 or 1936 had she paid the amount. Hessty is entitled to claim an input tax credit for GST purposes. The payment was made on 1 April 2016.
Required:
Advise Hessty of the fringe benefits tax payable, if any,(rounded to the nearest dollar) for the FBT year ended 31 March 2017.
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