Principles of Advanced Taxation Planning 1. What payments would a company make this FBT year if...

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Principles of Advanced Taxation Planning 1. What payments would a company make this FBT year if...

Principles of Advanced Taxation Planning

1. What payments would a company make this FBT year if it had a $5,200 FBT liability for the current year and they had a $5,000 FBT liability last FBT year?

2. Bonny Tyler receives the following in the current year:
Salary and wages $53,000
Fully franked dividends $4,500
Unfranked dividends $500
How much tax and Medicare will Bonny have to pay given she has private health insurance?

business accounting

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Answer 1

Answer #1

1. FBT liability to be made by the company will be Current year FBT liability + last year FBT liability

= $5200 + $5000

= $ 10200

2. She needs to pay only unfranked dividend as no tax has been deducted by the company on the same so the taxable in the hands of the shareholders.

salary and wages are below the taxable slab so not required to pay tax as she has health insurance also.

Franked dividends are nor taxable as the company deducted on the same.

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Answer 2

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