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1) Kylie is an Accountant employed by Number One Pty Ltd. During the FBT year...

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Accounting

1) Kylie is an Accountant employed by Number One Pty Ltd. During the FBT year ended 31 March 2021 she was provided with a variety of benefits by the company. Of those benefits listed below which one would not result in a taxable fringe benefit to Number One Pty Ltd?

a. Payment of Kylies annual subscription to professional legal association $1,200

b. Payment of Kylies annual yoga club membership $500

c. Payment of school fees for Kylies daughter $4,400

d. Payment of Kylies home Netflix subscription used by her to watch movies $250

e. Use by Kylie of company owned holiday house on weekends (estimated market value of use $2,800)

2)Which of the following statements is most correct?

a. The prepayment rules for small business entity (SBE) taxpayers and individuals not carrying on a business are similar.

b. Taxpayers using the SBE method of accounting can claim all their prepayments in the year they are incurred.

c. Once a taxpayer has incurred an expense for services to be received in the future, the taxpayer can claim a tax deduction.

d. Expenditure is excluded expenditure if the prepayment made is less than $5,000.

e. The prepayment rules are the same for all taxpayers.

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