Harry's Hairdresser is a barber shop owned by Harry who carries on his business as a sole proprietor. The books of account for the 2020-21 income year reveal that Harry has taxable income of $500,000. Assuming Harry has no other income outside of the business and is not eligible for any tax offsets, Harry's tax payable is? $205,667 $195,667 $225,000 $51,667

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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.