1.

Due to a down turn in the retail sector, Ramish (an individual taxpayer) has a carried forward revenue loss from the previous income year of $25,000. For the current income year, Ramish has assessable income of $180,000, allowable deductions of $65,000 and exempt income of $20,000.Which of the following amounts represents Ramishs taxable income for the current income year?

	a.	$30,000
	b.	$90,000
	c.	$115,000
	d.	$110,000

2.

Sharon is an accountant who operates her own practice. She provided the following benefits to her only employee during the current FBT year:

- Salary paid of $58,000

- Superannuation contributions of $5,500

- Payment of her employees CPA fees of $330 including GST

- Payment of her employees telephone bill of $1,200. Her employee has provided a record which indicates 30% of the calls are for private purposes.

What is the total taxable value of any fringe benefits provided by Sharon?

	a.	$690
	b.	$7,030
	c.	$1,530
	d.	$360

3.

Hemant Ltd, carries on a manufacturing business and had a number of transactions for the current tax year ended 30 June relevant to calculating its ordinary income:

• received $100 000 as compensation for the loss of trading stock due to flooding in its business premises;
• received $300 000 for the outright sale of a patent/copyright for a product it no longer manufactures;
• received $400 000 from the sale of its manufactured goods to a retailer.

Based on this information what amount of ordinary income will Hemant Ltd have for the current tax year ended 30 June?

	a.	$100,000
	b.	$700,000
	c.	$300,000
	d.	$500,000

4.

Ian holds 100 shares in Big Bank Pty Ltd. The company paid a fully franked dividend of $4 per share on 1 June 2021. Assume a corporate tax rate of 30%. What amount must Ian include in his assessable income for the 2021 income year?

	a.	$171
	b.	$700
	c.	$571
	d.	$400

5.

Benjamin is an investor, registered for GST and leases out a number of properties. In relation to the following lease income amounts received by Benjamin what is the total amount of GST liability that he would be liable for each month?

- Lease of commercial retail outlet to a carpet dealer (tenant). The tenant paid Benjamin $7,700 per month in lease payments.

- Lease of residential property to university students at $1,540 per month.

- Lease of 40 room motel business to a tenant who carries on the motel business and leases the rooms to tenants for short stays of up to one week at a time. The tenant paid Benjamin $15,400 per month in lease payments.

	a.	$140
	b.	$2,100
	c.	$700
	d.	$1,400