Paul is a Sales Manager of Chatswood Pty Ltd with a weekly salary of $1,000. He is mainly responsible for selling camera equipment in NSW. On 1 April 2011, Paul was provided with a fully maintained company car which was newly bought for $22,500 on the day. From 1 April 2011 to 31 March 2012, Paul travelled 20,000 km for private purposes and paid nothing at all during the year. He was also provided with an entertainment allowance of $2,000 per year. In addition, part of his executive package provided him with a loan of $8,000 for a year at a concessional rate of 3% per annum commencing 1 April 2011.
REQUIRED:
Advise Chatswood Pty Ltd as to its fringe benefits tax liability for the year ended 31 March 2012.