Rapid-Heat Pty Ltd (Rapid-Heat) is an Electric Heaters manufacturer which sells Electric Heaters directly to the public. On 1 May 2017, Rapid-Heat provided one of its employees; Jasmine, with a car as Jasmine does a lot of travelling for work purposes. However, Jasmine's usage of the car is not restricted to work only. Rapid-Heat purchased the car on that date for $33,000 (including GST).
For the period 1 May 2017 to 31 March 2018, Jasmine travelled 10,000 km in the car and incurred expenses of $550 (including GST) on minor repairs that have been reimbursed by Rapid-Heat. The car was not used for 10 days when Jasmine was interstate and the car was parked at the airport and for another five days when the car was scheduled for annual repairs.
On 1 September 2017, Rapid-Heat provided Jasmine with a loan of $500,000 at an interest rate of 4.25%. Jasmine used $450,000 of the loan to purchase a holiday home and lent the remaining $50,000 to her husband (interest free) to purchase shares in Telstra. Interest on a loan to purchase private assets is not deductible while interest on aloan to purchase income-producing assets is deductible.
During the year, Jasmine purchased an Electric Heaters manufactured by Rapid-Heat for $1,300. The Electric Heaters only cost Rapid-Heat $700 to manufacture and is sold to the general public for $2,600.
(a) Advise Rapid-Heat of its FBT consequences arising out of the above information, including calculation of any FBT liability, for the year ending 31 March 2018. You may assume that Rapid-Heat would be entitled to input tax credits in relation to any GSTinclusive acquisitions.
(b) How would your answer to (a) differ if Jasmine used the $50,000 to purchase the shares herself, instead of lending it to her husband?
To export a reference to this article please select a referencing stye below:
My Assignment Help. (2021). Taxation Theory Practice And Law. Retrieved from https://myassignmenthelp.com/free-samples/hi6028-taxation-theory-practice-and-law/international-profiles-of-health-care-systems.html.
"Taxation Theory Practice And Law." My Assignment Help, 2021, https://myassignmenthelp.com/free-samples/hi6028-taxation-theory-practice-and-law/international-profiles-of-health-care-systems.html.
My Assignment Help (2021) Taxation Theory Practice And Law [Online]. Available from: https://myassignmenthelp.com/free-samples/hi6028-taxation-theory-practice-and-law/international-profiles-of-health-care-systems.html
[Accessed 17 April 2021].
My Assignment Help. 'Taxation Theory Practice And Law' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/hi6028-taxation-theory-practice-and-law/international-profiles-of-health-care-systems.html> accessed 17 April 2021.
My Assignment Help. Taxation Theory Practice And Law [Internet]. My Assignment Help. 2021 [cited 17 April 2021]. Available from: https://myassignmenthelp.com/free-samples/hi6028-taxation-theory-practice-and-law/international-profiles-of-health-care-systems.html.
End your doubt 'should I pay someone to do my dissertation by availing dissertation writing services from MyAssignmenthelp.com. We are the leading dissertation help company in Australia that holds the record of providing high-quality dissertation papers at an affordable rate. Students, who search 'need help with my dissertation', should hire our professional dissertation experts for successful completion of the task.
Answer Evaluating the financial management strategies of the top four Australian banks i.e. Commonwealth, Westpac, ANZ, and NAB Research Topic Evaluating the financial management strategies of the top four Australian banks i.e. Commonwealth, Westpac, ANZ, and NAB Introduction This report will discuss several components such as research objectives, research motivation, and conceptual information about the research concepts, and research di...Read More
Answer Introduction: Tasmanian Mountain Waters is an Australian company, based in Tasmania. The company exclusively sells bottled mineral water across Australia and plans to extend its business globally to increase its international presence. The companyaims to retain the pureness and natural quality of the bottled water which is collected from remote springs of freshwater in Tasmania. Tasmania with its plentiful supply of freshwater that is ...Read More
Answer: Souq is an e-commerce platform that is owned by Amazon. It is one of the largest e-commerce platforms in arab world. In this report, I have considered myself as a global manager of marketing department. The business of souq is localized in Saudi Arabia, united arab and Egypt. It was suggested that business need to widespread in other countries rather than just in gulf region. This report covers the strategies through which Souq c...Read More
Answer Introduction The principles of Corporations Act put the obligation on the company directors to release their duties, responsibilities and powers with the aim to act for the business interest of the companies. The underlying fact is that the directors need to discharge their duties and powers for maximizing the organizational wealth for the best interest of their shareholders (Tricker and Tricker 2015). However, the occurrence of some r...Read More
Answer Overview of Red Rooster Red Rooster was founded in 1972 is a chain of Australian fast food restaurant that specializes in serving roast chicken. The first Red Rooster store was opened in 1972, in Perth suburb of Kelmscott, Western Australia (Lasek, Cercone and Saunders, 2016). There possess a wide range of products including half roasts, whole roasts, burgers, wraps, salads, desserts, beverages, promotions formerly including Cheese and...Read More
Just share requirement and get customized Solution.
Our writers make sure that all orders are submitted, prior to the deadline.
Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.
Feel free to contact our assignment writing services any time via phone, email or live chat. If you are unable to calculate word count online, ask our customer executives.
Our writers can provide you professional writing assistance on any subject at any level.
Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.
Get all your documents checked for plagiarism or duplicacy with us.
Get different kinds of essays typed in minutes with clicks.
Calculate your semester grades and cumulative GPa with our GPA Calculator.
Balance any chemical equation in minutes just by entering the formula.
Calculate the number of words and number of pages of all your academic documents.
Our Mission Client Satisfaction
It is a good source of help for any assignment. My order completed before the deadline, and rework have done for the assignment. It is quite expensive for the students. wishes for better deal regards roh
Great help and great service! I was concerned it wouldn't get to me on time, but sure enough, it was on time! This saved my rear. Thanks, you guys are awesome
Great paper. It was very detailed and everything was what was necessary for the paper.
seems ok to me, but once you forward the assignment it take 2 weeks for the feedback, then I will know if they are ok, so please do all the rest as well, if some answer are not ok they will ask to do it again