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ACC708 Taxation Law Questions Assignment Help

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ACC708 Taxation Law Questions Assignment Help

Tutorial 9 Questions 

a) FBT and CGT Revision

b) Tax Accounting and Trading Stock

If further facts are needed when answering the following problems, students should state what they are and why these facts are needed. The discussion should include an analysis of the pertinent sections of the relevant legislation, rulings and the relevant case law.

FBT Revision Questions

Question 1

Julie Duff accepts an offer of employment made by Aussie Models Pty Ltd to be their new marketing manager. Her salary package includes:

a) The use of a gym. The gym is located several kilometres from the premises of Aussie Models Pty Ltd. The cost to attend the Gym is $1,950 per annum. No part of the cost would have been deductible to Julie under the Income Tax Assessment Act 1997 or 1936 had she paid the amount. Aussie Models Pty Ltd is entitled to claim the input tax credit for GST purposes.  

Required:

Advise Aussie Models Pty Ltd of the taxable value (rounded to the nearest dollar) of the fringe benefit for the FBT year ended 31 March 2013. 

Question 2

Julie Duff accepts an offer of employment made by Aussie Models Pty Ltd to be their new marketing manager. Her salary package includes:

a) Reimbursement of her home cleaning expenses. The cost is $4,200 per annum. No part of the expense would have been deductible to Julie under the Income Tax Assessment Act 1997 or 1936 had she paid the amount. Aussie Models Pty Ltd is entitled to claim the input tax credit for GST purposes.

Required:

Advise Aussie Models Pty Ltd of the grossed up taxable value (rounded to the nearest dollar) of the fringe benefit for the FBT year ended 31 March 2015. 

Question 3

Julie Duff accepts an offer of employment made by Aussie Models Pty Ltd. Her salary package includes:

a) Reimbursement of her mobile telephone account. The cost is $6,000 per annum. Julie would have been entitled to claim a deduction for the full amount under the Income Tax Assessment Act 1997 or 1936 had she paid the amount. Aussie Models Pty Ltd is entitled to claim an input tax credit for GST purposes.  

Required:

Advise Aussie Models Pty Ltd of the grossed up taxable value (rounded to the nearest dollar) of the fringe benefit for the FBT year ended 31 March 2014. 

Question 4

Julie Duff accepts an offer of employment made by Aussie Models Pty Ltd to be their new marketing manager. Her salary package includes:

a) Reimbursement of her home electricity account. The cost is $1,200 per annum. No part of the expense would have been deductible to Julie under the Income Tax Assessment Act 1997 or 1936 had she paid the amount. Aussie Models Pty Ltd is entitled to claim the input tax credit for GST purposes. 

Required:

Advise Aussie Models Pty Ltd of the Fringe Benefits Tax payable (rounded to the nearest dollar) of the fringe benefit for the FBT year ended 31 March 2016. 

Question 5

Julie Duff accepts an offer of employment made by Aussie Models Pty Ltd to be their new marketing manager. Her salary package includes:

a) An interest free loan of $225,000. She used $25,000 to purchase shares in Witch Bank and the balance ($200,000) to pay off her debts to her family in relation to her home renovation. Aussie Models Pty Ltd is not entitled to claim the input tax credit for GST purposes. 

Required:

Advise Aussie Models Pty Ltd of the Fringe Benefits Tax payable (rounded to the nearest dollar) of the fringe benefit for the FBT year ended 31 March 2017. Assume the loan was made on 1 April 2016. 

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