What is the taxable value of this fringe benefit?

Q1. Emma designs and makes trendy jeans for teenagers.She sells the jeans exclusively through a friend’s shop.Her books of account provide the following information:

1 July 30 June
Completed jeans ready for sale $5,000 $7,000
Partly completed jeans $1,000 Nil
Jeans material $4,000 $500
Zips $900 $60
Total purchases of jeans material during the year=$5,000
Total purchase of zips during the year=$2,000
Total sales of jeans during the year=$25,000
Fees to accountant=$250
Rental of premises=$1,000

Advise Emma of her tax consequences arising from the above information.


Q2.Garry is employed by a furniture retailer.Gerry’s employer allowed him to purchase floor stock for $2200 (inclusive of GST).The same floor stock would ordinarily be sold to customers for $8800.


What is the taxable value of this fringe benefit?

What We Offer:
• On-time delivery guarantee
• PhD-level professionals
• Automatic plagiarism check
• 100% money-back guarantee
• 100% Privacy and Confidentiality
• High Quality custom-written papers

find the cost of your paper

Complete the assignment with a discussion of what you gained from reading about these two entrepreneurs.

You have been given the assignment to read Beer School: Bottling Success at The Brooklyn Brewery. Upon completion of reading this informative book dealing with this real life rags to riches entrepreneurial….

Prepare an income statement and an owner’s equity statement for the 2 months ended December 31, 2019, and a classified balance sheet as of December 31, 2019.

Instructions Cookie Creations (Chapter 4) This assignment is a continuation of the Cookie Creations case study from Chapters 1–3. You will use the information from the previous chapters and from….

Complete Problems 5 and 6 from Chapter 16 in the textbook.

Complete Problems 5 and 6 from Chapter 16 in the textbook. Follow the text directions for Problem 5 closely. Problem 6 should be in paragraph form and answer all parts….