Determine whether the following benefits are fringe

Assignment Help Taxation

Reference no: EM13377295

Determine whether the following benefits are fringe benefits or exempt fringe benefits and, where applicable, the relevant category of the fringe benefits. Provide reasons for your answer:

a) Kerry is an employee of the university. She is provided with 10 gifts vouchers worth $50 each for use at the local supermarket as a Christmas gift. Advice Kerry and the University of the tax consequences of this transactions

b) Sorella borrowed $10,000 from her employer on 4 September 2011 as her home was damaged in a freak storm. The loan was provided at no interest. On 15 January 2012, her employer informed sorella that she was only required to repay half the loan. Advice sorella and her employer of the tax consequence of the transactions.

c) Penny is employed as a secretary by law firm. As part of her remuneration package, the firm agree to provide her with legal services in relation to her divorce a 60% discount to its normal rates. The firm also purchase plasma TV set for $5,500(inclusive of GST), which it gives to Penny. Explain how the taxable value of these fringe benefits will be calculated.

Reference no: EM13377295

Questions Cloud

1- why would we want to test amp evaluate early on in the : 1- why would we want to test amp evaluate early on in the acquisition process? 2- what is the primary purpose of tampe

In the debate on fixed versus floating exchange rates the : in the debate on fixed versus floating exchange rates the strongest argument for a floating rate is that it frees

Research assignmentdo you believe that it is appropriate : research assignmentdo you believe that it is appropriate that we have a single global set of accounting standards as

Your cfo heard about the outstanding job you did on your : your cfo heard about the outstanding job you did on your meeting and the accounting department personnel were boasting

Determine whether the following benefits are fringe : determine whether the following benefits are fringe benefits or exempt fringe benefits and where applicable the

An american company that sells consumer electronics : an american company that sells consumer electronics products has manufacturing facilities in mexico taiwan and canada.

Blo 2205 corporate law assignmentsemester 2 2012melbourne : blo 2205 corporate law assignmentsemester 2 2012melbourne pty ltd has one company secretary jill and four directors

The next question refers to the followingtotal cost : the next question refers to the followingtotal cost schedule for a competitive

Question 1a sydney tramway passenger was injured in a : question 1a sydney tramway passenger was injured in a collision with another tram which occurred after the driver

User Account

All Pages