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.
Requirement:
What is the taxable value of this fringe benefit?
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