Ronny is your client and has come to you to prepare his tax return. During the 2018-19 financial year, Ronny has disposed of the following assets:
Calculate Ronny’s Capital Gain, subject to Tax for the year ending 30 June 2019. Provide justification for your calculations using legislation and case law.
Your client City Wreckers Pty Ltd has 25 employees and has approached you for advice on the following transactions:
Advise City Wreckers Pty Ltd which of the above items will be subject to Fringe Benefits Tax. Provide justification for your calculations using legislation and case law.
Part B -
Payment of superannuation contributions.
Companies give some fringe benefits to all their employees and some only to those at the executive level for costs related to their work. Some others may also be extended for increasing general job satisfaction. Some of the common fringe benefits are telephone reimbursements, employer’s contribution to the superannuation fund, and access to creche services. These could also include perks like tuition assistance, health insurance, childcare reimbursements, subsidised cafeteria, free bus service for commute, employee discounts and employee stock options.
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