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. Gordon accepts an offer of employment made by QP Pty Ltd to be their...

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Accounting

. Gordon accepts an offer of employment made by QP Pty Ltd to be their new associate director. On 1 April 2019, QP Pty Ltd made Gordon an interest free loan of $500,000 to last for 3 years. Gordon used the loan money from his employer to pay out a previous loan on his home from XYZ Bank that was costing him 7% per annum. QP Pty Ltd is not entitled to claim any input tax credit for GST purposes. Required: Advise QP Pty Ltd 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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