Greg is employed by NAB as a branch manager in Melbourne. As part of an employee incentive package, NAB pays Greg’s gym membership fee of $350 per year. Greg also receives a corporate mobile phone valued at $1,000 which he mainly uses for work.
NAB is a financial institution primarily making input taxed supplies and is not entitled to input tax credits on acquisitions.
The amount of FBT payable by NAB on the above benefits above is:
Group of answer choices
$1,197
$1,291
$310
Nil
$342
NIL
If paying for an employees gym membership to an external facility is comsidered"entertainment"and attracts the FBT,if a company has an on-site fitness facility,this is exempt from the FBT.So gym membership fee also exempt from FBT
Portable electronic devices such as mobile phones,laptops,tablets etc but the FBT exemption limited to items primarily for use in the employee's employment.In here a mobile phone valued at $1000 but it is uses mainly for work so it is FBT exemption
Greg is employed by NAB as a branch manager in Melbourne. As part of an employee...