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- Thabo Baloyi is the owner of Thabo's General Dealer business in Orlando East. He started the business on 1 January 2020. He is married to Cynthia, however she has no involvement in the business. Thabo employees only one assistant, Lucas. Thabo is a member of the Infinity Medical Aid. Most of Thabo's sales are for cash, however he does provide credit sales to 2 debtors, namely, Mr Khumalo and Miss Ncube. In order to start his business Thabo took a 3-year loan from First Allied Bank on 1 February 2020. The business purchases from one supplier, AB Wholesalers on credit. Thabo's father invested R50 000 in the business, the business is expected to pay Thabo's father 1% of the profit annually in the form of a dividend. Thabo's General Dealer is a registered VAT Vendor. Q.1.1 If the persons/entities listed in the first column below are users of the financial information of Thabo's General Dealer, then place a cross in the applicable column (i.e. investor, employee, lender, etc.). If not, then…Tom gave his daughter, Nicole, permission to access his business account online but not his principal account. Tom has just discovered that Nicole took P25,000 from the principal account (current account) hoping her father would not notice it. As Tom wrote to the manager of his local bank months ago, expressly forbidding the bank to allow his daughter to do this, he wants the bank to refund the P25,000. With respect to BDO Online Account Opening Service (“Service”) Terms and Conditions, what recommendation can you give him?GoodMates Pty Ltd loaned one of its staff, Munir, the amount of $5,000 (interest free) for one month. Due to personal life issues and financial hardship that Munir was suffering, it turned out that demanding the loan will endanger his health and will cause him not to be able to provide basic needs for his family. At the discretion of the board of directors, this loan was waived on compassionate reasons and Munir was informed. Is the company required to pay any fringe benefit tax? Kindly use the template below and discuss in detail. Facts: Rules and or cases: Application: Conclusion:
- Mansi, a self-employed influencer, left her home in Georgia on Monday to fly to New York to meet with another influencer to discuss a "collab". She returned the next day. Her expenses are as follows: Airfare $500, lunch in New York at a restaurant with influencer $100, Taxi $50. How much can Mansi deduct? (Do not use commas or dollar signs. Round to the nearest dollar.)On 1 April 2018, Magda received a low interest loan of $40,000 from her employer, ABC Pty Ltd. The interest payable was only 3%. Magda used half of the loan to pay for her wedding and half of the loan to buy shares in Pinkscope Steel Ltd. Advise ABC Pty Ltd of the FBT payable on the loan. (Explain your calculations and refer to relevant law)Deja owns a photo printing business and wants to purchase a new state-of-the-art photo printer that she found online for $9,275, plus sales tax of 5.5%. The supply company is offering cash terms of 2/15, n/30, with a 1.5% service charge on late payments, or 90 days same as cash financing if Deja is approved for a company line of credit. If she is unable to pay within 90 days under the second option, she would have to pay 22.9% annual simple interest for the first 90 days, plus 2% simple interest per month on the unpaid balance after 90 days. Deja has an excellent credit rating but is unsure of what to do. d) Deja finds financing through a local bank. Find the bank discount and proceeds using ordinary interest for a 90-day promissory note for $9,500 at 8% annual simple interest. Is this enough money for Deja to cover the purchase price of the printer? Is this a better option for Deja to pursue, why or why not?
- Deja owns a photo printing business and wants to purchase a new state-of-the-art photo printer that she found online for $9,275, plus sales tax of 5.5%. The supply company is offering cash terms of 2/15, n/30, with a 1.5% service charge on late payments, or 90 days same as cash financing if Deja is approved for a company line of credit. If she is unable to pay within 90 days under the second option, she would have to pay 22.9% annual simple interest for the first 90 days, plus 2% simple interest per month on the unpaid balance after 90 days. Deja has an excellent credit rating but is unsure of what to do. a) If Deja took the cash option and was able to pay off the printer within the 15-day discount period, how much would she save? How much would she owe? b) If Deja takes the 90 days same as cash option and purchases the printer on December 30 to get a current-year tax deduction, using exact time, what is her deadline for paying no interest in a non-leap year? In a leap year?Jane Marks has a restaurant in which she accepts credit cards and checks.Several of the places that Jane shops now accept debit cards and do notaccept checks. Jane’s banker explained that a debit card would immediatelytransfer money into her account, but it would cost $50 per monthfor the equipment and bank charges. Although she requires proper identification,Jane loses approximately $590 a year as a result of bad checks.She also determined that on average, she loses 115 days of interest onall checks because the banks are closed on 11 holidays and weekends (52 weeks * 2 weekend days = 104 + 11 holidays). Jane currently earns3 percent interest on her bank accounts and accepts an average of $2,000 aday in checks.a. What is the total annual cost to Jane for the debit card service?b. What is the benefit?c. Should Jane implement the system?Faith Battle operates a health food store, and she has beenthe only employee. Her business is growing, and she is consideringhiring some additional staff to help her in the store.Explain to her the various payroll deductions that she willhave to account for, including their potential impact on herfinancial statements, if she hires additional staff.
- Prashant works in Australia Best bank, where he needs to wear business attire all the time (Business Shirts, and suits) while he is working in the bank. He bought a new suit for $350 last week. Advise whether Prashant can claime the $350 as a deduction under S8-1 , Please give short explanation!Shay Manning rents an apartment in Chicago and carries $40,000 insurance on her personal belongings. She selects the $1,000,000 liability with a deductible of $1,000 for each claim and carries an identity theft/fraud protection of $24. Shay's credit is rated as bad as she has a recent bankruptcy on her record. Find her annual premium using the given table. E Click the icon to see a hypothetical table of Estimated Annual Renters Insurance Premium Rates. The annual premium is $ (Simplify your answer. Type an integer or a decimal.)Mason is a car painter with Melbourne Collision Repair Centre. Mason studying BPA and his employer pays for his course fees at Holmes Institute costing Mason $12,000. Also, Mason lives in a unit apartment in Brisbane, which is provided to him by Melbourne Collision Repair Centre as his employer as fringe benefit. The market value rent for the apartment is $500 per week, and Mason pays $100 of rent per week for the apartment. Advise the FBT consequences of Mason’s remuneration package
