Please explain the question below, Thank you Below is a list of…
Question Answered step-by-step Please explain the question below, Thank you Below is a list of… Please explain the question below, Thank you Below is a list of payments/benefits provided to employees at Brown Engineers Limited for the year ended 31 March 2022. 1. Wages/Salary paid to employees EmployeesGross RemunerationJoe Brown$70,000Jill Brown$70,000Jack Grey$50,000John Doe$50,000 2. Vehicles provided to employees VehiclesCostBook Value 31/3/21 Days available for private usePurchased Dodge Ram Truck$125,000$62,500incl GSTJoe’s Car3651/04/2000Holden Ute$56,000$28,000incl GSTJack’s car1041/04/2000 3. Loans provided to employees John Doe was given an interest free loan of $4,000 4. Christmas gratuity In December the Brown’s took the staff out for Christmas dinner. Total cost was $450Jack was given a season pass to the Crusaders home games which cost $220 5. Work Equipment Jack and John both have work phones. Each phone cost $1,100 including GST 6. Insurance As part of their employment package, Jack and John both have health insuranceTheir annual premiums are as follows:Jack$625John$730 7. Workers Accommodation Jack and John live together in the workers house on site. The Brown’s previously rented the house to the neighbour for $8,100 per year. Identify the dollar value of the fringe benefit received by each employee for each of the 7 types listed and the appropriate FBT % rate using the alternate rate method. If more than one method can be applied (i.e. tax book method or cost method) then use the most tax efficient option. If no fringe benefit applies to any of the 7 items above, identify why. Law Social Science Tax law ACCT 306 Share QuestionEmailCopy link Comments (0)
