8 Explain fringe benefit tax 7 and provide two examples Allowing an employee to

8 explain fringe benefit tax 7 and provide two

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8. Explain fringe benefit tax 7 and provide two examples. Allowing an employee to use a work car for private purposes, giving an employee a discounted loan, paying an employee's gym membership, providing entertainment by way of free tickets to concerts, reimbursing an expense incurred by an employee, such as school fees, giving benefits under a salary sacrifice arrangement with an employee. - (FBT)/ 7 Fringe benefit tax (FBT) - a tax imposed on employees receiving extra benefits in addition to their wages. LLOYDS INTERNATIONAL COLLEGE © Australian Training Products Pty Ltd modified Mar 2020 1 st edition version: 2 Page 9 of 9
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Assessment Task 1 BSBFIA412 Report on financial activity 9. According to the Australian Taxation Office (ATO), how long must businesses keep business and tax records? Generally, you must keep your written evidence for five years from the date you lodge your tax return. There are some more specific situations. If you: have claimed a deduction for decline in value (formerly known as depreciation) – keep records for the five years from the date of your last claim for decline in value acquire or dispose of an asset – keep records for the five years after it is certain that no capital gains tax (CGT) event can happen are in dispute with us – keep records for the later of either o five years from the date you lodge your tax return o five years from the date the dispute is resolved. - your-tax-records/ LLOYDS INTERNATIONAL COLLEGE © Australian Training Products Pty Ltd modified Mar 2020 1 st edition version: 2 Page 10 of 9
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Assessment Task 1 BSBFIA412 Report on financial activity 10. Read the following scenario: Scenario You are employed as a financial analyst. Your CFO wants you to compile financial data for senior management. According to your CFO, senior management wants to make a decision about the future direction of the company and wants to know historical trends of quarterly sales going back five years. Below is the sales data by quarter for the last five years. 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $54,68 4 $60,46 6 $67,58 6 $52,00 0 $58,52 1 $62,65 8 $75,06 9 $54,86 5 2016 2017 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $52,65 9 $64,65 9 $83,00 0 $62,54 6 $63,48 0 $70,48 0 $88,82 0 $62,92 0 2018 Q1 Q2 Q3 Q4 $70,02 0 $78,00 0 $92,00 0 $69,98 0 a. Calculate the total sales for each calendar year. Year Total sales 2014 $234,736 2015 $251,113 2016 $262,864 2017 $285,700 2018 $310,000 LLOYDS INTERNATIONAL COLLEGE © Australian Training Products Pty Ltd modified Mar 2020 1 st edition version: 2 Page 11 of 9
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Assessment Task 1 BSBFIA412 Report on financial activity b. Calculate the moving averages 8 of the quarterly sales financial data from Quarter 4, 2014 to Quarter 4, 2018. Year Quarter Sales data Moving average 2014 Q1 $54,684 Q2 $60,466 Q3 $67,586 Q4 $52,000 $58,684 2015 Q1 $58,521 $59,643 Q2 $62,658 $60,191 Q3 $75,069 $62,062 Q4 $54,865 $62,778 2016 Q1 $52,659 $61,313 Q2 $64,659 $61,813 Q3 $83,000 $63,796 Q4 $62,546 $65,716 2017 Q1 $63,480 $68,421 Q2 $70,780 $69,952 Q3 $88,820 $71,407 Q4 $62,920 $71,500 2018 Q1 $70,020 $73,135 Q2 $78,000 $74,940 Q3 $92,000 $75,735 Q4 $69,980 $77,500 c. Calculate the quarterly mean for the period 2014–2018. 8 Moving averages - a succession of averages derived from successive segments LLOYDS INTERNATIONAL COLLEGE © Australian Training Products Pty Ltd modified Mar 2020 1 st edition version: 2 Page 12 of 9
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Assessment Task 1
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