Taxation Liability and Fringe Benefits for Employees
VerifiedAdded on 2020/07/23
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AI Summary
The assignment provided calculates Daniel's taxable income to be 299,521 AUD, resulting in a tax duty of 105,944.8 AUD to the ATO on due date. The report also determines that various benefits rendered to Joyce by Escape Vacations Pty Ltd are fringe benefits, whereas salary is subject to income tax. To reduce taxation obligations, it is suggested that Escape Vacation consider minimizing its budget for free holiday packages or rendering exempted fringe benefits.
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