Fringe Benefits Tax

offered various fringe benefits by her employer. Mary and her employer were worried about the tax consequences of the respective benefits and how it could be addressed in income tax return. (a) Tax Implications on Relocation Cost The employer of Mary paid her $4,000 for the transfer of furniture for her recent relocation at Brisbane. The amount is an exempt benefit for Mary because section 61B, Div 13 of Fringe Benefit Tax Assessment Act 1986 concludes relocation expense as an exempt benefit provided relocation

CASE STUDY -1 INTRODUCTION: For the application of Capital Gain Taxation (CGT) provisions under the Australian taxation system, the happening of a CGT event is must. The most common capital gain tax event is a sale of assets. These assets may be generally the either the real estate or the shares. However, there are other events also which are considered as CGT events. TO WHOM APPLICABLE: The provisions of the capital gains or losses are applicable on the following three kinds of legal personalities:

In this assignment, it is assumed that Emma and Ryma are both tax residents of Australia. Part A Based on Emma’s negotiated remuneration package and her activities with ‘Ryma Rhymes’, we look into identifying which of her income is assessable income (AI). Remuneration Package ANNUAL SALARY Emma’s annual salary of $150,000 per annum is assessed based on s6-5(1) ITAA97, which states her AI includes income according to ordinary income (OI) concept. In Scott v Commissioner of Taxation (1935)

Principles of Taxation Law 2013 Answers to Questions CHAPTER 7 – FRINGE BENEFITS TAX Question 7.1 Determine whether the following benefits are fringe benefits or exempt fringe benefits and, where applicable, the relevant category of fringe benefit. Provide reasons for your answer: (a) Payment to employee for the estimated cost of the employee’s home phone bill as the employee sometimes has to use the home phone for work purposes. (b) Provision of accommodation at the family home

INTRODUCTION: For the application of Capital Gain Taxation (CGT) provisions under the Australian taxation system, the happening of a CGT event is must. The most common capital gain tax event is a sale of assets. These assets may be generally the either the real estate or the shares. However, there are other events also which are considered as CGT events. TO WHOM APPLICABLE: The provisions of the capital gains or losses are applicable on the following three kinds of legal personalities: • Individuals

Topic #3: Fringe Benefits Question #1: What qualifies as a fringe benefit? Answer: Section 101 to 137 of the Internal Revenue Code specifies many of the fringe benefits available as well as the requirements needed to document a given benefit as fringe. For example, it is stated that a 401k retirement plan must be in writing. The benefit of fringe is often limited to those benefits which are classified as fringe by The Code. In addition Publication 15-B is available for additional guidance on

statement. D. RECOMMENDATIONS:  Keep the sales price at its current amount and continue to maintain an average cost of sales turnover within its industry’s benchmark limit.  In order to lower the company’s expenditure and the rate of high payroll tax, worker’s compensation and superannuation which is directly proportional to its expense account, the company must ensure that the wages and salaries and expenditures of the company are within the industry’s benchmark

Do you believe reimbursement alimony is appropriate? Explain why or why not? To be honest I do not quite understand this whole alimony problem. Based on our book reimbursement alimony seeks to repay a spouse who worked during the marriage so that the other spouse could obtain training or otherwise enhance his or her future earning capacity. Based on sample in our book I do not see anything wrong with this reimbursement alimony. If one spouse enroll in school and the other helps to pay for tuition

Tim Hortons’ coffee is a brand named after its founder Tim Horton and Jim Charade. Tim Horton is the Canadian fast casual restaurant where the first store opened in Hamilton Ontario. This corporation has been making trust among people by serving them the products and services since 1964. It has been more than 50 years that Tim Hortons have proved honesty towards its customers. Its target audience is almost everybody such as people from all ages, backgrounds and religions, would love to go to the

Business Tax & GST III Assignment Question 1 All sections references in this question are to the Fringe Benefit Assessment Act 1986 unless stated otherwise. A car fringe benefit arises where a car is made available to an employee for private use and the vehicle is owned or leased by the employer (s7(1)(b)). Based on the information from the question, two methods of calculation for car fringe benefits can be used: “statutory formula” (s9 (1)) and “operating cost method” (s10(2)). Once we got the results