Advise Sharky of the fringe benefits tax payable

Reference no: EM132642605

Question - Estella accepts an offer of employment made by Sharky Lawyers Pty Ltd (Sharky) to be their new marketing manager.

On 1 June 2016 Sharky made an interest free loan of $901,000 to Estella. Estella used the $901,000 to buy Australian shares. On 1 March 2017 Estella's employer told her she did not have to repay $99,000 of the loan. Sharky is not entitled to claim the input tax credit for GST purposes.

Required - Advise Sharky of the fringe benefits tax payable, if any, (rounded to the nearest dollar) for the FBT year ended 31 March 2017.

Reference no: EM132642605

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