20.Peter and Paul form a partnership to run their lawn-mowing business. They agree to share the profits and losses of the partnership equally. The partnership agreed the following salaries be paid: Peter $40,000 Paul $24,000The partnership accounting profit after salaries had been paid was $30,000. What is the partnership net income (s90) to be shown on the partnership return statement of distribution? Select one: $94,000 $30,000 $64,000 None of these $15,000

19

Shannon is a resident for the full year and has given you the following information for the preparation of her income tax return for 2019/20:

Wage income	$27,000
Investment income	$1,700
Allowable Deductions	$175
PAYG (W) per payment summary	$3,576
PAYG (I) on investment income paid	$43 per quarter

Calculate Shannons tax credits for the 2019/20.

Select one:

$43

$3,619

$3,576

$3,748

None of these

18

Lennart is currently working as a kitchen hand. Which of the following expenses incurred by Rebel can be claimed as a deduction?

Select one:

A food hygiene seminar she paid to attend

The cost of parking near the restaurant on the day of the seminar, as she needed to drive directly to the seminar after work.

None of these

A vocational course Lennart is undertaking in real estate.

All of the above.

17

Simpson loves restoring old boats as a hobby. On 1 July 2015, Simpson bought an old boat in very run-down condition for $8,000. On 30 June 2020, Simpson sold the boat for $55,000.

Which of the following statements is TRUE?

Select one:

The capital gain will be ignored as the boat is a collectable.

The capital gain will be ignored as the boat is a personal use asset purchased for less than $10,000.

Simpson will incur capital gains tax (CGT) on the capital gain arising from the sale of the boat.

None of these

As the nature of the activity is more in line with a business operation rather than a hobby, the gain on sale will be treated as ordinary assessable income