Assignment Task
Task
SAMPLE EXAM STYLE QUESTIONS
You are an employee real estate agent and have motor vehicle costs of $12,000 in 2019/2020. Your log book which shows 90% business use and you estimate that you travel 8,000 business km a year. What is the amount of the motor vehicle cost that you can claim in the 2019/2020 year?
A. $5,440
B. $3,400
C. $10,800
D. $12,000
You are an employee accountant earning $80,000 pa. In addition, you have a Capital gain of $50,000. How will you pay your tax?
A. All of your tax will be deducted at source through the PAYGW system
B. The tax on your salary will be subject to the PAYGW system and you will pay the balance of your tax on the other income when you lodge your tax return at the end of the year.
C. Your salary will be subject to PAYGW and you will pay quarterly PAYGI on the investment income.
D. Your tax will be paid once you lodge your tax return at the end of the year.
Which of the following will be considered assessable income?
A. Government disability pension
B. Transfer of shares to you as part of an inheritance from your father
C. Salary earned whilst on an internship
D. Compensation payment received for loss of sight in one of your eyes.
Which of the following will be considered an Australian tax resident?
A. A company incorporated in the UK where all the directors and operations are based out of France
B. An Indian international student who has been in Australia for 2 years
C. An Australian citizen who went to the UK on a working holiday and has been there for 18 months now due to Covid 19.
D. An Australian actress who has dual Australian/US citizenship who has spent the last 5 years in New Zealand
- The case of FCT vs All States Frozen Food is authority for which of the following tax principles
- That a taxpayer must have dispositive power on closing stock for it to be considered on hand.
- That frozen food is not subject to GST and is considered GST free.
- That the full absorption method for valuing closing stock at cost is required to be used.
- That the inhouse benefit for FBT also applies to food businesses.
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