Agnes, a resident taxpayer, has a taxable income of $50,000 for the income tax year ended 30 June 2018, with PAYG instalments of $13,860 deducted by her employer. She has no dependents and no allowable deductions. What will her net tax to pay or refund be (ignore Medicare Levy)?

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A: There is a limit of set off of Long term capital loss during a limit with taxable income.

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A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.