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vita accepts an offer of employment made by Quality Lawyers Pty Ltd (Quality) to be...

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Accounting

vita accepts an offer of employment made by Quality Lawyers Pty Ltd (Quality) to be their new marketing manager.

On 1 April 2017 Quality made an interest free loan of $690,000 to Evita. She used $80,000 to buy interest bearing government bonds and the balance ($610,000) to pay off the mortgage on her fathers home. Quality is not entitled to claim the input tax credit for GST purposes.

Required: Advise Quality of the fringe benefits tax payable, if any, (rounded to the nearest dollar) for the FBT year ended 31 March 2018

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