Calculate the taxable value of the two fringe benefits provided by Mason Ltd for the year ended 31 March 2022. Show all workings
Fringe Benefit Tax (FBT)
(a) Mason Ltd, which is GST registered, provides the following benefits to its employees for the year
ended 31 March 2022.
A motor vehicle which cost $60,000 (GST-inclusive) is provided to Wiremu for private use. During the year the vehicle was not available for Wiremu’s private use for 10 days when it was being repaired and serviced. Wiremu contributed $1,000 towards the running costs of the vehicle during the year.
On 1 April 2021 an interest free loan of $50,000 was made to Zixuan Li to help him buy his first house. The prescribed interest rate for this period was 4.5%.
Required:
Calculate the taxable value of the two
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