On 1 April 2023, QP Pty Ltd (QP) purchased a new sedan car for $50,000,...
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On April QP Pty Ltd QP purchased a new sedan car for $ the car was for the exclusive use of Sam, the associate director.On the day of purchase a rear parking camera was fitted to the car at a cost of $Between the date of purchase and March Sam travelled kilometres in the car. He did not keep a logbook of business useQP paid all the expenses except petrol of $ was paid by Sam. The petrol amount was not reimbursed by the employer and Sam provided the required declaration to his employer.QP is entitled to claim the input tax credits for GST purposes.Required:Advise the FBT to be paid by QP in relation to the car for year ended March Answer:Question
On April QP Pty Ltd QP purchased a new sedan car for $ the car was for the exclusive use of Sam, the associate director.
On the day of purchase a rear parking camera was fitted to the car at a cost of $
Between the date of purchase and March Sam travelled kilometres in the car. He did not keep a logbook of business use
QP paid all the expenses except petrol of $ was paid by Sam. The petrol amount was not reimbursed by the employer and Sam provided the required declaration to his employer.
QP is entitled to claim the input tax credits for GST purposes.
Required:
Advise the FBT to be paid by QP in relation to the car for year ended March
Answer:Question
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