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Taxation Law Assignment - Fringe Benefit Tax

   

Added on  2020-05-16

8 Pages1309 Words36 Views
Running head: TAXATION LAWTaxation LawName of the StudentName of the UniversityAuthors NoteCourse ID
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TAXATION LAW1Table of ContentsAnswer Part A............................................................................................................................2Answer Part B:...........................................................................................................................4Answer A:..................................................................................................................................4Answer to B:..............................................................................................................................5Answer C:...................................................................................................................................5Answer D:..................................................................................................................................6Reference List:...........................................................................................................................7
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TAXATION LAW2Answer Part AFringe benefit tax are regarded as the important term of business that are useful inpayable by the employers relating to the benefit paid to the employee apart from salary andwages. Charlie is a real estate agent and Shiny homes has provided Charlie with a sedan. Thecar ran a total of 80,000 kilometres with 30,000 for business purpose. According to the “sub-section 136 (1)” use of car by employee that is not related to the employment or businessconstitutes personal use (Somers and Eynaud 2015). Charlie has occurred cost that is inrunning the car and these cost is required to be separately incorporated in log book forkeeping track of the business kilometres travelled. The operating cost method is determined under “section 10A and Section 10B ofFBTAA 1986”. A statutory rate of 20% is applied in determining the fringe benefit tax understatutory method (Shaw 2017). Similarly, the operating cost process separates theadministrative cost in determining the fringe benefit tax. For Charlie both the method ofstatutory rate and operating costing method is applied in determining the fringe benefit cost.These are as follows;
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