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Answer :- 1.As stated by the rules the Fringe Benefit tax Assessment Act 1986 fringe benefits are those benefits which the employer pays to the employees other than actual wages and salary. The provisions in relation to fringe benefits would only be applicable when it can be established that the relationship between the provided and receiver is that of an employer and employee. Only when the relationship has been established the rule...Read More
Answer: Topic: A New Tax Scam and tips How to deal with it 1. The News article describes the new type of tax scam that involves tax time identity fraud. The article clearly explains modus operandi of the tax scammer. It states that if an individual is expecting a refund from the Internal Revenue service and finds out that the refund is more than the expected. In such a situation the individual should be more cautious as it indicates a fraud...Read More
Answer: 1). A benefit paid to an employee other than salary and wages by the employer is defined as Fringe Benefits in the Fringe Benefit tax Assessment Act 1986. Thus, there must be an employee and employer relationship between the beneficiary and the provider of benefits in order to use the provisions of the fringe benefits tax legislation to account for the tax liabilities of the employee and the employer in respect of such benefits. ...Read More
Answers: Introduction In any kind business or profession, gain or profit plays an important role. Capital gain is a part of such gain or profit. The term capital gain denotes the amount of profit cropped up from the transaction of capital asset. Any land, building, vehicles, intellectual property rights, leasehold rights and machineries are come into the purview of capital asset. However, certain taxes are levied on the total amount of capita...Read More
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