22. A personal taxpayer buys an investment property in the year 2000 for $200,000 and then sells it on 3rd July, 2013 for $500,000. The taxpayer earns $60,000 in annual income (no other income). Which statement correctly describes the taxpayer's CGT position? a. The house will be subject to capital gains, the taxpayer will discount the difference between the purchase cost and disposal price by 50% and put this on top of his annual assessable income for taxation. b. The house will not be subject to capital gains because it was purchased in the year 2000. c. The taxpayer will pay capital gains on the full amount of the gain made, i.e., $300,000. d. Capital gains are payable on the difference between the cost and sale receipts of the house; the taxpayer will not be able to claim any of the costs in purchasing or fixing the house 23. Identify which of the following is a condition of release a. b. A Divorce An overseas traveler C. A person who has reached age 65 d. A person under preservation age 25. Which of the following statements regarding tax avoidance, tax evasion, and tax planning is correct? a. The selection of tax-efficient investment structures that also minimise liabilities would be an example of tax planning and is legal. b. Failing to declare income is tax planning and is legal. C. Setting up a complex web is of companies and trusts with the sole intent to minimise taxation is tax planning d. Paying a family member a salary from a business even though that member is not contributing to it is tax evasion but is ok if the salary is minimal 14. Which of the following would be classified as estate assets? - subber analo A. Jointly held investment property B. Superannuation benefits with a valid binding nomination to the spouse C. Self-owned life insurance policy D. Assets held in a family trust with the deceased as trustee and beneficiary 15. An example of mismatch risk would be a. Investing in a 60 month term deposit yet funds are required in 36 months b. Investing in a term deposit for 24 months while interest rates continue to rise C. Investing in shares which depreciate in price d. Investing in a portfolio of shares in which each individual share yields better returns at various stages of the business cycle