How taxable value of fringe benefits will be calculated

Reference no: EM13174321

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: EM13174321

Questions Cloud

What are the most common agents in polymer degradation? : State what are the most common agents in polymer degradation

What will the volume of the ball be as the car heats up : A basketball with a volume of 3.50 Liters is left in a car when the temperature is 298 K. What will the volume of the ball be as the car heats up to 305 K during the day?

Explain the history of corporate accounting responsibility : Explain the history of corporate accounting responsibility and discuss how you think that CSR has influenced social accounting, include your analysis of the potential business benefits of CSR for the company.

State what is the ph of the acidic solution before titration : Ã‚ What is the pH of the acidic solution before titration? 4. Ã‚ What is the pH of the reaction mixture after 10.0 mL of NaOH was added?

How taxable value of fringe benefits will be calculated : Explain how the taxable value of these fringe benefits will be calculated - Determine whether the following benefits are fringe benefits or exempt fringe benefits

Calculate the value of delta s : The element cesium (Cs) freezes at 28.4 degree celsius, and its molar enthalpy of fusion is delta H fusion =2.09kJ/mol. a.) when molten cesium solidifies to Cs (s) at its normal melting point, is delta S positive or negative? b.)calculate the valu..

Define verage hourly wage,output and annual overhead cost : An American Company that sells consumer electronics products has manufacturing facilities in Mexico, Taiwan, and Canada. The average hourly wage, output, and annual overhead cost for each sit.

State the partial pressure of each gas in the mixture : A mix contains 0.540 mol He (g) , 0.420 mol Ne (g) , and 0.050 mol Ar (g). Placed in 1 Liter container at 25*C.

How many grams of ammonia could be produced at maximum yield : if equal masses of N2 and H2 (7.00 grams each) are combined to produce ammonia NH3, how many grams of ammonia could be produced at maximum yield?

User Account

All Pages