51

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Benefit payments from an income protection policy will generally be: Select one:

A. Reduced by any sick leave or compensation payments received by the insured during the claim period.B. Unaffected by any sick-leave or compensation payments received by the insured during the claim period.C. Increased by any investment income earned during the claim period.D. None of the above.E. All of the above.

Question52

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Which of the following would be classified as estate assets?

I.Jointly held investment property

II.Superannuation benefits with a valid binding nomination to the spouse

III.Self-owned life insurance policy

IV.Assets held in a family trust with the deceased as trustee and beneficiary

V. Property held jointly as tenants in common

Which of the above options is/are correct?

Select one:

a. Options III onlyb. Options I,& III onlyc. Options II, III, IV & V onlyd. Options I, & V onlye. Options I, II, III, IV & V are all correct

Question53

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Some of the advantages of companies include Select one:

A. Flat tax rate at 30%B. The ability to split losses between family membersC. Imputation credits can be passed onto shareholders through the payment of franked dividendsD. Only options A & C are correctE. Options A, B & C are correct

Question54

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A will may be successfully contested on which of the following grounds? Select one:

A. Lack of testamentary capacity.B. Undue duress.C. Incorrect execution.D. Only options A & C are correctE. Options A, B & C are all correct

Question55

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In Australia, the maximum marginal income tax rate imposed on unearned income by minors is: Select one:

A. Less than that of adult individual taxpayers.B. Equal to that of adult individual taxpayers.C. Greater than that of adult individual taxpayers.D. The same as that of adult individual taxpayers for low income earners