Fringe Benefits Tax

Answer to Question No. 1 (a) Fringe benefit refers to the benefit that is provided toan employee or an associate of the employee by the employer or associate of an employer in any given year in respect of the employment of the employee. It refers to any benefit that is provided over and above the salary of an employee. Benefit refers to anything that is provided to the employee by the employer which he would actually have to incur himself if the benefit was not provided by the employer. It aims at levying tax on the benefits that cannot be availed by the employee or an associate of employee but cannot be converted into cash. All the benefits that are provided are in respect of the employment of the employee. An employer can either be a former…

Employees (Fringe) Benefits Fringe benefits are the additional reward given to employees some based on parameters like quality of service, overtime work or to all general workers. Most employers provide fringe benefits to their employees and help to build a better understanding and boost the relationship between the employer and employee. Life insurance offers, retirement plans, child care, leaves offers and leaves pay, and discounts are some of the benefits offered. These benefits may help an…

Diminishing value method is as follow: Base value × (days held/365) × (200%/asset’s effective life) Base Value Days held/365 200%/ asset’s effective life Depreciation In percentage 3000 (192/365) (200%/7) 451 28.57% 2549 (365/365) (200%/7) 728 28.57% 1821 (365/365) (200%/7) 520 28.57% 1301 (365/365) (200%/7) 372 28.57% 929 (365/365) (200%/7) 265 28.57% 265 (365/365) (200%/7) 76 28.57% 76 (365/365) (200%/7) 22 28.57% If jack and Jill prefer to calculate the business asset in accordance to…

WRITTEN QUESTIONS 1. IDENTIFY THE CURRENT STATUTORY REQUIREMENTS FOR TAX COMPLIANCE AND LIST AND CALCULATE THE TAX LIABILITIES FOR HOUZIT PTY LTD UNDER TAXATION LEGISLATION. STATUTORY REQUIREMENTS a. Business Registration. Registering the business organisation will enable the company to register itself to the following in order to comply with the legal requirements set by the government to regulate business entities. • Tax File Number (TFN) • Australian Business Number (ABN) • Goods and…

Employers in the United States provide compensation to workers who carry-out duties that benefit a business. Compensation is made up of wages and fringe benefits. Fringe benefits consist of health insurance and retirement benefits. Historically, employers and employees split the cost share of employer sponsored health insurance. Employers, often with the heavier burden, offer health insurance benefits to their employees at a pre-taxed amount. Employers have a vested interest in keeping a…

It is important to the managers because it helps them stay organized and explain to the employees what to do. Employees want to know what they are getting into before they start working, so having a job description is very important to them. It allows everyone to stay on the same page and not be confused about what to do. Overall, it can limit the amount of questions asked by new employees and make them feel more comfortable while working. 7. Would you prefer to have a higher wage without…

However the same policies designed for this purpose may actually contribute to expansion of the urban fringe and “leapfrog development”. The major conflict unveiled by the results is the controversy over preserving open space within private lots or at the urban fringe (accessible to public) problems associated with zoning regulations can actually put this into a downward spiral by creating conflicts around where the space should be preserved. For example, Since proximity to an open space causes…

would come at a very high price and therefore, the cost/benefit for a simple entity type constitution is not justified). The options are now limited to incorporate as an S Corporation, C Corporation or as a Limited Liability Company (LLC). The primary decisions regarding these options are based on the ability to assign ownership of the company and the way taxes are paid. While at this point is premature to determine the equity percentages and regardless of the type, it is advisable to Dawn to…

don’t think John and Jane would be able to utilize a 1031 tax exchange in this scenario because I don’t think the handcrafted jewelry that Jane sells would constitute their house as a business property as that is not the main purpose of the property. Personal properties are unable to take advantage of the 1031 tax exchange. 2-C: c. Does Jane have a business or hobby? Why is this…

Income tax return for an individual. Assistance for individuals wanting to file their income tax return. This report helps individuals who wish to know more about filing an income tax return for themselves in Australia. It gives a bird eye about things to keep in mind while filing an income tax return Sreyansh Giri 21922648 Table of contents Executive Summary ......................................................................................................... 1 Introduction Tax…