Considering the information below, calculate Jane tax liability (including Medicare Levy and Medicare Levy Surcharge, if applicable, and ignore any tax offsets such as LITO and LMITO): Jane is a married tax resident of Australia in the tax year 2018-2019 and has no private health insurance Assessable income for the year is of $195,000 Total deductions for the year are $25,000

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.