Shamy Ltd supplies services to Jordan Ltd on 1 July 2019 and sends the invoice on the same day with the value of $3,300 (GST inclusive). Jordan Ltd pays this amount in two equal instalments with 6 months gap (first instalment on 1 Jan 2020 and the second on 1 July 2020) Shamy Ltd is GST registered and accounts for GST on accrual basis and file GST returns monthly while Jordan Ltd, also as a GST registered firm, uses cash basis for GST in both years and files returns quarterly. Required: Discuss the GST treatments for both companies with precise amounts of GST paid/payables and received/credits.

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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.