Posted: February 27th, 2015
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|
|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?
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