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PLEASE SOLVE URGENTLY! Sunshine Pty Ltd made a loan of $100,000 to an employee on...

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Accounting

PLEASE SOLVE URGENTLY!

Sunshine Pty Ltd made a loan of $100,000 to an employee on 1 july 2019 at an interest rate of 2%. The loan was used by the employee to purchase his first home. On 1 feb,2020 the employee made a principal repayment of $20000 on loan. In addition he was provided with 10 gift vouchers worth $50 each for use at the local supermarket as a Christmas gift.

a. Advise Lous employee as to the FBT consequences.( including calculation of any FBT liability) arising out of the above information.

b. Would your advise change if the vouchers were used to purchase gifts for clients and new owners who finalised sales in December?

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