During the year ended 30 June 2019 Michael, a resident taxpayer, received salary and wages income of $26,000 and a franked dividend of $9,800 with $4,200 of attached franking credits.  He also had tax instalments (PAYG) withheld from his salary and wages income of $4,000.  He has no dependents and no deductions.   Required:

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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.