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LAW5230 Taxation Law

tag 0 Download 8 Pages / 1,780 Words tag 12-02-2021

Question:

Jamie is a real estate agent working for ‘Houses R Us’ real estate. As part of his employment contract, Jamie receives a base salary of $50,000 per annum plus 10% of the agency’s commission on sold properties where he has had a direct connection with the sale. He is also provided with a car, a Toyota Kluger costing $48,000. He is not required to contribute to the running costs of the car which total $13,500 per year and is allowed to use the car outside of work hours and on weekends.

Jamie's salary package also includes a laptop which cost $2,300 and a mobile phone costing $1,200 per year. His employer also reimburses his annual professional subscription of $550 and provides him with an entertainment allowance of $2,000 per year.

Jamie was also lucky enough to achieve the highest sales for the previous six month period and was rewarded with a high tech home entertainment system worth $4,800.

‘Houses R Us’ also offer their staff loans of up to $100,000 towards purchasing their own house at a rate of 4% per annum. Jamie is considering taking up this offer to purchase his first home.

Required

Advise Jamie and ‘Houses R Us’ of the taxation and FBT consequences of these transactions. You are not required to calculate any FBT liability.(15 marks)
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My Assignment Help (2021) Taxation Law [Online]. Available from: https://myassignmenthelp.com/free-samples/law5230-taxation-law/fbt-consequences.html
[Accessed 28 September 2022].

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My Assignment Help. Taxation Law [Internet]. My Assignment Help. 2021 [cited 28 September 2022]. Available from: https://myassignmenthelp.com/free-samples/law5230-taxation-law/fbt-consequences.html.


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