1. John is employed as a computer engineer by Rocky Pty Limited…

1. John is employed as a computer engineer by Rocky Pty Limited (Rocky). He joined the business on 1 April 2020. He receives a base salary of $150,000 plus the following benefits.
(i) A new Toyota Corolla sedan was purchased on 1 April 2020 from a car dealership and immediately provided to John. The base value of the car is $55,000 (GST-inclusive). In the course of the 2021 FBT year, John travels 40,000 km of which 30,000 km were business-related travel. John maintained a valid logbook for 12 weeks during the 2021 FBT year. The running costs of the car, including fuel and oil, registration and insurance totalled $15,000 for the 2021 FBT year.
(ii) As part of his salary package, on 1 April 2020, John receives superannuation contribution totalling $20,000.
(iii) Rocky paid John an entertainment allowance of $3,000 to help cover the cost of entertainment associated with wining and dining his largest clients.
(iv) John also has his business telephone rental of $430 (GST-inclusive) paid for by Rocky. This was paid on 31 March 2021.
(v) At the end of every three months, a $5,000 cash bonus is paid to the top salesman. John was fortunate enough to receive this bonus in August 2020.
(vi) Rocky lends $20,000 interest free to John for 3 months. John uses the funds to pay for his child’s school fees.
Question (1) Calculate the taxable value and grossed-up amount of each fringe benefit.
(2) Calculate the amount of fringe benefits tax payable by Goldstar in respect of the FBT year ended 31 March 2021.

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