Provided with car as part of his remuneration package

Assignment Help Supply Chain Management

Reference no: EM133573776

Tony is employed by Patti Smith, a sole trader, and is provided with a car as part of his remuneration package. Tony has to return the car to the office when he is on leave and when he is away for work (unless he is using the car). Tony had access to the car for his private use for the entire FBT year except for 35 days leave and 27 days on interstate travel, when the car was returned to the office. Tony maintains a logbook for the car.

The following details have been extracted from Patti's records for the 2018-19 FBT year:

Odometer reading 31.03.18 21 467 km

Odometer reading 31.03.19 47 328 km

Business km travelled during the year 16 856 km

Costs (all amounts inclusive of GST unless otherwise stated)

Fully maintained lease $600 per month

Insurance and registration $1200

Petrol $3364

Market value of car when lease commenced $25 000 (GST exclusive)

Patti is registered for GST and was able to claim GST on all costs incurred.

These questions are examining the application of FBT. Do not calculate any depreciation.

Reference no: EM133573776

Questions Cloud

Waterworks is not base rate entity : Assuming that Waterworks is not a base rate entity for the 2021/22 tax year, advise Waterworks of: its benchmark franking percentage for the 2021/22 tax year.

Principles of good legal system : Principles of good legal system in relation to tax law in Zambia and also tax systems and their effects etc and also look at tax evasion etc

Is saudi arabia country legal system civil law : Is Saudi Arabia country legal system a civil law or common law jurisdiction?

Complained that roof leaked during heavy rainstorm : In February 2023, one of Gordon's tenants complained that the roof leaked during a heavy rainstorm.

Provided with car as part of his remuneration package : Tony is employed by Patti Smith, a sole trader, and is provided with a car as part of his remuneration package.

Annette friel is plaintiffs personal injury attorney : Annette Friel is plaintiffs personal injury attorney. May she then argue that there is no evidence other than driver's testimony to refute her client's story.

Lease premium payment : Solving Solutions Ltd granted a lease of office premises to BooksareUs Pty Ltd in return for a lease premium payment of $15 000.

Healthcare institutions and financing run : This can affect the quality of care given to people and also put these industries at risk for a legal issue ?

What is camilles taxable income : She currently provides a home for her 15-year-old daughter Kaly. What is Camille's taxable income?

User Account

All Pages