On 1 April 2018 Josh received a $50,000 loan at interest of 2% per year from...

On 1 April 2018 Josh received a $50,000 loan at interest of 2% per year from his employer. The loan was used to purchase his main residence.
The FBT due at the end of the 2018/19 FBT year is:

Group of answer choices

$1,418

$3,018

$1,600

$2,305

Expert Solution

Answer : $1600

Calculation :

FBT rate 2018-19 = 5.20%

FBT @5.2% = 50000 * 5.20% ==> 2600

Interest @2% = 50000 * 2% ==> 1000

FBT due = 2600 - 1000 ==> 1600

jeff jeffy answered 2 years ago

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