5. Simpsons and Associates is a law firm which has provided the following benefits lO to its employees for the 2017/18. FBT year. The turnover for the firm is $12M.

Idenfify the relevant elements of Australian tax law in the following scenario and a document the FBT payable by Simpsons and Associates for the tax year 2017/2018Show your workings. → James was provided with a Toyota which is parked at James's home. The car was bought by the company on 1 April 2014 for $48,500 (GST inclusive),including $1,900 for registration and compulsory third party insurance. → Susan and her family were given a weekend trip to Hunter Valley costing $3,500(GST inclusive). → Brad was provided with a loan from the company for $200,000 on 1 August2017 and paid 2% per annum interest on the loan. The bank interest rate is 7.5%. → Louis was provided car parking at the office car park. Wilson Parking is located within a one kilometre radius of where Louis's car is parked and charges a fee of $25 for all day parking.