3
Sam accepts an offer of employment made by QP Pty Ltd (QP) to be their new marketing manager.
On 1 April 2019 QP made an interest free loan of $75754to Sam. He used the loan to pay off the mortgage on his mother's home.
QP is not entitled to claim an input tax credit for GST purposes.
Required:
Advise QP of the fringe benefits tax payable, if any, (rounded to the nearest dollar) for the FBT year ended 31 March 2020
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