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1. More value is preferred to less value
2. The sooner cash is received the more valuable it is
3. Less risky assets are more valuable than riskier assets
year. During this period the car travelled 16,000 km. Eric purchased the car last
year for $50,000. The employee contributed $1,000 towards the cost of running
the car and has provided Eric with relevant documentation.
Calculate the taxable value of the car fringe benefit using the statutory
short-term housing loan. The agreement is that the son will repay
$50,000 at the end of five years.
Reconsider this question in light of the following facts. The loan was
made to the son without any formal agreement and without any
security provided for the sum lent. In addition, the client (the
mother) has informed you that she told her son that he need not
pay interest. However, the son repaid the full amount after two
years and included in his payment an additional amount which was
equal to 5% pa on the amount borrowed. Only one cheque was
presented for the total amount.
Discuss the effect on the assessable income of the parent
You have been asked by management to prepare a report on why the personnel budget has a large negative variance. What information would you include in your report?