Monica accepts an offer of employment made by HesstyModels Pty Ltd (Hessty) to be their new marketing manager. Her salary package includes:
• Payment of her family’s health insurance premiums. The cost is $10,000. Monica would not be entitled to claim a deduction under the Income Tax Assessment Act 1997 or 1936 had she paid the amount. Hessty is entitled to claim an input tax credit for GST purposes. The payment was made on 1 April 2016.
Required:
Advise Hessty of the fringe benefits tax payable, if any,(rounded to the nearest dollar) for the FBT year ended 31 March 2017.
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Evita accepts an offer of employment made by Quality Lawyers Pty Ltd (Quality) to be their new marketing manager. Her salary package includes: Payment of her family’s life insurance premiums. The cost is $32,000. Evita would not be entitled to claim a deduction under the Income Tax Assessment Act 1997 or 1936 had she paid the amount. Quality is not entitled to claim an input tax credit for GST purposes. The payment was made on 1 April 2016. Required: Advise...
vita accepts an offer of employment made by Quality Lawyers Pty Ltd (Quality) to be their new marketing manager. On 1 April 2017 Quality made an interest free loan of $690,000 to Evita. She used $80,000 to buy interest bearing government bonds and the balance ($610,000) to pay off the mortgage on her father’s home. Quality is not entitled to claim the input tax credit for GST purposes. Required: Advise Quality of the fringe benefits tax payable, if any, (rounded...
Evita accepts an offer of employment made by Quality Lawyers Pty Ltd (Quality) to be their new marketing manager. On 1 January 2020 Quality made an interest free loan of $900,000 to Evita. Evita used the $900,000 to buy Rio Tinto Shares. On 1 March 2020 Evita’s employer told her she did not have to repay $500,000 of the loan. Quality is not entitled to claim the input tax credit for GST purposes. Required: Advise Quality of the fringe benefits...
Question 1 (10 Marks) Perisher Pty Ltd (Perisher) is a Ski equipment manufacturer that operates around Mt Hotham in Victoria. On 1 May 2019, Perisher provided Nikita (one of its employees) with a car as Nikita does a lot of travelling for work purposes. However, Nikita’s usage of the car is not restricted to work only. Perisher purchased the car on that date for $44,000 (including GST) plus $2,000 (including GST) dealer delivery charges. For the period of 1 May...
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Perisher Pty Ltd (Perisher) is a Ski equipment manufacturer that
operates around Mt Hotham in Victoria. On 1 May 2019, Perisher
provided Nikita (one of its employees) with a car as Nikita does a
lot of travelling for work purposes. However, Nikita’s usage of the
car is not restricted to work only. Perisher purchased the car on
that date for $44,000 (including GST) plus $2,000 (including GST)
dealer delivery charges. For the period of 1...
12:04 MO * YONG ... ..ll 48%. X H16028 Individual Assignment T... H16028 Individual Assignment T1 2020.p... HIG00 Taxation Theory, Practice and Law Individual Assignment T2 2000 Assignments' Instructions and Requirements Question 1 (10 Marks) Perisher Pty Ltd (Perisher) is a Ski equipment manufacturer that operates around Mt Hotham in Victoria. On 1 May 2019, Perisher provided Nikita (one of its employees) with a car as Nikita does a lot of travelling for work purposes. However, Nikita's usage of the...
Nandi Majola (aged 35) is a resident of the Republic. Nandi is currently employed as an audit manager at Ernest & old (pty) Ltd. The following information relates to Nandi for the year of assessment ended 29 Feb 2020:1. Nandi earned a gross salary of R60 000 per month for the 2020 year assessment. On 15 Dec 2019, she received a gross bonus of R80 000. 2. During the 2020 year of assessment, Nandi contributed a total of R57 600 towards...
Question 3Nandi Majola (aged 35) is a resident of the Republic. Nandi is currently employed as an audit manager at Ernest & old (pty) Ltd. The following information relates to Nandi for the year of assessment ended 29 Feb 2020:1. Nandi earned a gross salary of R60 000 per month for the 2020 year assessment. On 15 Dec 2019, she received a gross bonus of R80 000. 2. During the 2020 year of assessment, Nandi contributed a total of R57 600...
Harjot worked for Soul Ltd as a music producer until 31 July 2019. He earned a salary of £46,200 per annum (PAYE £4,000) and received the following benefits:From 6 April 2019 until 31 July 2019, Soul Ltd provided Harjot with a petrol motor car. The motor car cost Soul Ltd £24,000 and had carbon dioxide emissions of 143g/km. Soul Ltd also provided Harjot with fuel for private journeys. Harjot returned the car on leaving the company on 31 July 2019.On 30 April 2019,...
Twist manufacturing Company Limited (Twist) stated operation on 27th May, 2018 and prepare accounts to 31st December each year. The following transactions took place. • In January, 2017, Twist acquired Nissan petrol at the price of GH¢150,000 • In June, 2018, Twist acquired three Home-Used Laptops at GH¢ 500 each, of which the Managing Director uses one of them for his personal business. • In June, 2018 Twist rented factory building of which it pays annual rentals of GH¢ 20,000....