QUESTION 2 - FBT Calculation Question (10 Marks)
Jack is the state sales representative for Quantum Vaccum Cleaners Pty Ltd ("QVC"), a supplier and retailer of vacuum cleaners. On 1 October 2017, QVC supplied Jack with a car valued at $65,000 for work which was garaged at Jack's home on the weekends.
Also on 1 December 2017, QVC loaned Jack $10,000 at 2% interest pa and provided him with a vacuum cleaner which retails for $2,000.
In this context, would the vacuum that was provided to Jack be a gift, a tool of the trade or something different? And if it is a gift or something different how would you calculate it for FBT purposes?
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