User Account

All Pages

Advise Samit and his employer on the tax implications

Assignment Help Accounting Basics
Reference no: EM132853270

Question - Fringe Benefit Tax - Samit borrowed money from his employer amounting to $15,000 on the 2nd September, 2019 because of an emergency situation. His mother was unwell and she lives abroad. Samit needs to urgently send the money to his parents. Because Samit is a good employee, his employer lent him the money with no interest. Furthermore, on the 28th February, 2020 due to compassionate reasons shown by the company - his employer - , the company decided that he was only required to repay $5,000. The employer is GST registered.

Required - Please advise Samit and his employer on the tax implications of the above transaction. Please refer to the relevant Tax legislation and other appropriate sources, including cases, if required.

Reference no: EM132853270

Questions Cloud

What is the cost of points for this mortgage : The bank offers a 3.25% interest rate if Jessica pays 2.75 points. What is the cost of points for this mortgage rounded to the nearest dollar
Describe three goals of the technology implementation : Describe significant findings that prompted the development of the technology. Discuss the history and current use of the technology in healthcare.
Define the population for the data : A local police department is keeping a record of the number of calls received each day for the month of June and July. The number of emergency calls
What are elements that distinguish christianity from jewish : Christianity is considered a sectarian movement that comes from Judaism. What are some elements that distinguish Christianity from its Jewish roots?
Advise Samit and his employer on the tax implications : Samit borrowed money from his employer amounting to $15,000. Please advise Samit and his employer on the tax implications of the above transaction
What is the probability that proportion of defectives : If the true proportion of defectives produced by a certain manufacturing process is 0.08 and a sample of 400 is chosen, what is the probability
How might issues surrounding the chosen technology be solved : How might issues surrounding the chosen technology be addressed/solved? Provide statistically significant data or evidence to support your findings.
What is the average number of emails the professor : What is the average number of emails the professor will receive in a day? (2 decimal places)
What is the quantity of material to be purchased in March : The inventory of finished goods at the end of each month must equal 20% of the next month's sales. What is the quantity of material to be purchased in March

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd