Question 1

Which of the following benefits provided by an employer to an employee would be exempt fringe benefits?

Accepted Answer

A)  Membership or subscriptions to professional journals 
B)  An interest free loan 
C)  The use of a company car for private purposes 
D)  A portable electronic device given the employee for their private use 
A)  Membership or subscriptions to professional journals 
B)  An interest free loan 
C)  The use of a company car for private purposes 
D)  A portable electronic device given the employee for their private use

Question 2

As part of Yan's salary package, she parked her car in her employer's business premises for $4 per day during the FBT year ending 31 March 2020. Yan worked 225 days during this FBT year. The lowest fee charged by the commercial car park that is located within one km of Yan's company premises was $14 on 1 April 2019 and $18 on 31 March 2020.
What is the taxable value if the company elects to use the average cost method?

Accepted Answer

A)  $4,050 
B)  $3,600 
C)  $3,150 
D)  $2,700 
A)  $4,050 
B)  $3,600 
C)  $3,150 
D)  $2,700

Question 3

What would be the FBT liability payable by an employer if 80% of a $20,000 loan made by an employer to an employee in respect to the employment of the employee, is forgiven?

Accepted Answer

A)  $3,547.18 
B)  $3,910.78 
C)  $15,643.10 
D)  $14,188.74 
A)  $3,547.18 
B)  $3,910.78 
C)  $15,643.10 
D)  $14,188.74

Question 4

Hot Wheels Racing Pty Ltd provided the following benefits to employees during the FBT year ended 31 March 2020: A car fringe benefit (GST included) with a taxable value of $6,500 and an expense payment fringe benefit (no GST) with a taxable value of $1,200. What is Hot Wheels Racing Pty Ltd's FBT liability for the year ended 31 March 2020?

Accepted Answer

A)  $15,785 
B)  $13,521 
C)  $7,418.95 
D)  $7,700 
A)  $15,785 
B)  $13,521 
C)  $7,418.95 
D)  $7,700

Question 5

Which if the following is subject to FBT?

Accepted Answer

A)  Superannuation contributions 
B)  Employment termination payments 
C)  A provision of a car by an employer to an employee for the employee to be able to use the car for private use 
D)  The provision of a portable electronic device by an employer to an employee that is given primarily for use in the employee's employment 
A)  Superannuation contributions 
B)  Employment termination payments 
C)  A provision of a car by an employer to an employee for the employee to be able to use the car for private use 
D)  The provision of a portable electronic device by an employer to an employee that is given primarily for use in the employee's employment

Which of the following benefits provided by an employer to an employee would be exempt fringe benefits?

What would be the FBT liability payable by an employer if 80% of a $20,000 loan made by an employer to an employee in respect to the employment of the employee, is forgiven?

Which if the following is subject to FBT?

The Australian Taxation System and the Tax Formula

Residency and Source of Income

Assessable Incomeincome Tax

Capital Gains Tax

General Deductions

Specific Deductions Andapplications Ofdeductibility

Capital Allowances

Tax Accounting and Trading Stock

Taxation of Individuals

Taxation of Companies

Taxation of Partnerships, Joint Ventures, Trusts and Superannuation

Goods and Services Tax

Ethics, Tax Avoidance and Evasion

Filters

Exam 5: Fringe Benefits Tax

Which of the following benefits provided by an employer to an employee would be exempt fringe benefits?

What would be the FBT liability payable by an employer if 80% of a $20,000 loan made by an employer to an employee in respect to the employment of the employee, is forgiven?

Which if the following is subject to FBT?

The Australian Taxation System and the Tax Formula

Residency and Source of Income

Assessable Incomeincome Tax

Capital Gains Tax

General Deductions

Specific Deductions Andapplications Ofdeductibility

Capital Allowances

Tax Accounting and Trading Stock

Taxation of Individuals

Taxation of Companies

Taxation of Partnerships, Joint Ventures, Trusts and Superannuation

Goods and Services Tax

Ethics, Tax Avoidance and Evasion

Filters