Once you feel confident that you have covered the learning materials for this unit, you are ready to attempt this assessment. To complete the assessment, please type your answers to each question or task in this document. To help Open Colleges manage your assessment, please use the following file naming convention when you save your Microsoft Word document. Your file should be named and saved to your computer's hard drive using You will need to reference your assessment and provide a reference list or bibliography. Assessment submission When you are ready to submit your assessment, upload the file in OpenSpace using the Assessment Upload links in the relevant Study Period of your course. The Student Lounge provides a 'Quick Guide to Uploading Assessments' if you need further assistance. Uploading assessments in OpenSpace will enable Open Colleges to provide you with the fastest feedback and grade on your assessment. Alternatively, you can print and post your assessment to: Task 1: Essay – Fringe Benefits Tax (50 marks) Instructions This assessment will assess your ability to obtain, interpret and assess how tax liabilities are calculated and how they can impact an organisation. Moreover, you will analyse how this affects tax planning and compliance measures. Please ensure your assessment includes a discussion on the key requirements noted below. (4000 words) Task Research and write an essay in which you explain how an organisation's tax plans and compliance measures may be affected by Fringe Benefits Tax (FBT). The aim of the assessment is to research FBT and discuss how FBT can impact an employer. Your essay must answer these questions: • Why was FBT introduced? • How does FBT work? • How is FBT calculated? • What are the key dates and milestones for FBT? • What are the impacts of FBT and GST on an organisation and its implications for tax and business? • What financial management strategies can be introduced to manage any budgetary impact? • What systems, plans or processes can be put in place to deal with the tax? • What strategies and techniques can organisations use to review compliance with the tax? Consider issues such as: • At least six different types of fringe benefits for discussion and provide a detailed calculation or worked example of each. These must include: o car fringe benefits o meal and entertainment fringe benefits o loan fringe benefits o expense payment fringe benefits • Include details on key FBT threshold amounts/exemptions/exclusions (e.g. consider the minor benefits rules and examples of exempt fringe benefits)