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Determine whether the following benefits are fringe benefits or exempt fringe benefits and, where applicable, the relevant category of fringe benefit. Provide reasons for your answer:
a) Kerry is an employee of the university. She is provided with 10 gift vouchers worth $50 each for use at the local supermarket as a Christmas gift. Advise Kerry and the University of the Tax Consequences of this transaction.
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. Advise Sorella and her employer of the Tax Consequences of this transaction.
c) Penny is employed as a secretary by a law firm. As part of her remuneration package, the firm agrees to provide her with legal services in relation to her divorce at a 60% discount to its normal rates. The firm also purchases a 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.
Develop a department budget. The accounting department has supplied you with the following projected information about how this year, 20XX, will end up for your department's spending.
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Minimize the current years tax liability. That is, they would like to defer income when possible and take the largest deductions possible, a practice they have followed in the past.
installment sales and cost recovery methodsmulcahey builders mbre-models office buildings in low-income urban areas
What is the effect upon carrying value and earnings for each of the situation presented?
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For the period 1 May 2013 to 31 March 2014, Emma travelled 10,000 kilometres in the car and incurred expenses of $550 (including GST) on minor repairs that have been reimbursed by Periwinkle
Prepare the required journal entry to record the tax expense
Determine taxable income before considering expense.
Create a memo to Texaco Inc's chief accountant showing the appropriate income tax allocation required for the above items, adding the appropriate balance sheet presentation
What are the tax concepts involved in completing the Schedule A and Form 2441 and what are the tax planning considerations you took into account while completing the Schedule?
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