Quizes - Quiz 1 PDF

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Quiz 1...

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Review Test Submission: Quiz 1: Textbook Chapters 1, 3, 5 &6 Question 1

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1.00000 out of 1.00000 points

Betty provides her employer with instructions to pay one-quarter of her salary each fortnight to her elderly parents. Is Betty taxed on this component of salary that is paid to her parents? Selected Answer:

Yes

Answers:

Yes No

Question 2



1.00000 out of 1.00000 points

Place the following Australian court decisions in order from most authoritative to least authoritative.

Questi on

1

Correct Match C.

FC of T v McNeil [2007] HCA 5 2

D.

Condell v FC of T [2007] FCAFC 44 3

A.

Barnes v Commissioner of Taxation [2007] FCA 3 4

B.

Case 1/2007 [2007] AATA 45 All Answer Choices A.

Barnes v Commissioner of Taxation [2007] FCA 3 B.

Case 1/2007 [2007] AATA 45 C.

FC of T v McNeil [2007] HCA 5 D.

Selected Match C.

FC of T v McNeil [2007] HCA 5 D.

Condell v FC of T [2007] FCAFC 44 A.

Barnes v Commissioner of Taxation [2007] FCA 3 B.

Case 1/2007 [2007] AATA 45

Condell v FC of T [2007] FCAFC 44

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Question 3 1.00000 out of 1.00000 points

Harry works as a taxation specialist in a large accounting firm. He is paid on a monthly basis. One month, he asks his employer “for the next two months, don’t pay me, pay my wife instead”. This salary is ordinary income in the hands of Harry’s wife. Selected Answer: Answers:

Fals e True Fals e

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Question 4 1.00000 out of 1.00000 points

A lump sum payment will always be considered capital and not ordinary income in the hands of the entity receiving it. Selected Answer: Answers:

Fals e True Fals e

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Question 5 1.00000 out of 1.00000 points

Harriet Hault, a famous netball player, receives the following amounts from her club: a $10,000 bonus for having played well this season, a $15,000 bonus for being selected to play on the Australian team at the next international netball championships and $8,000 prize money from a radio station for being the best and fairest. Which of these constitute assessable income? Selected Answer:

Answers:

$10,000 bonus, $15,000 bonus and $8,000 prize $10,000 bonus and $8,000 prize $15,000 bonus and $8,000 prize

$10,000 bonus, $15,000 bonus and $8,000 prize $8,000 prize only Sunday, 2 September 2018 1:22:19 PM AEST

Review Test Submission: Quiz 2: FBT/Income from Business and Property and Residence and Source (Textbook Chapters 4, 7-9) 

Question 1 1.00000 out of 1.00000 points

Temporary residents do not have to pay tax in Australia on any income earned in Australia. Selected Answer: Answers:

Fals e True Fals e

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Question 2 1.00000 out of 1.00000 points

Bob has established that he has an Australian domicile. However, the Commissioner is satisfied that Bob’s permanent place of abode is outside Australia. Is Bob a resident for Australian tax purposes? Selected Answer:

No

Answers:

Yes

No

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Question 3 1.00000 out of 1.00000 points

Joseph is a resident for Australian tax purposes and was employed in Indonesia (by an Indonesian resident company) for 18 months supervising company operations on sites in Indonesia. His work proved highly profitable to the company which, after termination of his Indonesian employment, gave him a $10,000 bonus payable in Melbourne. Where is the bonus sourced? Selected Answer: Answers:

Indonesia Australia

Indonesia Both Australia and Indonesia

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Question 4 1.00000 out of 1.00000 points

The only difference between residents and non-residents is that they are taxed in Australia on different types of income. They are subject to the same progressive income tax rate structure on any income which is taxed in Australia. Selected Answer: Answers:

Fals e True Fals e

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Question 5 1.00000 out of 1.00000 points

Maria has a very large garden at the rear of her home. She grows large quantities of fruits and vegetables. She uses most of the produce for her own family and sells any excess to her neighbours and friends. Is Maria carrying on a business? Selected Answer: Answers:

No Yes

No Sunday, 2 September 2018 1:18:54 PM AEST OK...