Which of the following is not an essential feature of FBT for the FBT year ended 31 March 2020? a.The FBT tax is paid by employers regardless of the type of entity. b.FBT is a broad-based consumption tax. c.The FBT tax is levied at 47% of the grossed-up value for the current FBT year. d.FBT is available as a deduction to the employer in respect of benefits provided.

A fringe benefit refers to the excess amount paid by the employer over the annual salary or other…

Answered: Which of the following is not an…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following is not an essential feature of FBT for the FBT year ended 31 March 2020?

	a.	The FBT tax is paid by employers regardless of the type of entity.
	b.	FBT is a broad-based consumption tax.
	c.	The FBT tax is levied at 47% of the grossed-up value for the current FBT year.
	d.	FBT is available as a deduction to the employer in respect of benefits provided.

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