17 Which of the following statements is true? a. Partnerships are required to lodge a tax return for their partner if that partner fails to do so. Ob. Each partner in a partnership is taxed on her or his share of the partnership's net income. Oc. Each partner in a partnership is taxed on her or his share of the partnership's gross income. Od. It is optional for partnerships to lodge a partnership tax return each year. QUESTION 18 Ben is a sole trader carrying on a computer repair business and has four employees. Ben and the employees consume morning and afternoon tea during working days on the business premises. The spouses of the employees sometimes stop at the office and consume morning and afternoon tea as well. What categories of FBT arise on these facts? Oa. Exempt fringe benefit, minor fringe benefit O b. No fringe benefit Oc. Entertainment fringe benefit, minor fringe benefit Od. Residual fringe benefit, entertainment fringe benefit, and minor fringe benefit D QUESTION 19 Where a partnership records a loss for an income year for tax purposes: (Choose the most correct option) Oa. It will be carried forward and allowed as a deduction from future income of the partnership. Ob. It will be of no significance for tax purposes because it cannot be used by the partnership under legislation. It is only transferred to the individual partner's tax calculation as an allowable deduction for that partner's share if the individual partner has assessable income. Od. It is transferred to the individual partner's tax calculation as an allowable deduction and if the individual partner does not have assessable income sufficient to absorb the loss the individual partner can carry forward the loss or part of the loss to future years. QUESTION 20 Henrietta Hart, 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? a. $10,000 bonus, $15,000 bonus, and $8,000 prize O b. $15,000 bonus and $8,000 prize Oc. $10,000 bonus and $8,000 prize O d. $8,000 prize only QUESTION 21 Asha purchased $9,000 worth of shares in a small mining company on 1 December 2015. At 31 March 2021, the company declared and paid her an interim dividend of $1,000, which was unfranked. What amount must Asha include in her assessable income for the 2021 Income year as assessable income? Oa. $428.57 Ob. $1.000 OC $9.000 Od-$1,428.57