Each correct answer is worth 1.5 marks. 1. Which one of the following statements about the New Zealand tax system is correct? A. The assessment and collection of GST in New Zealand is legislated by the Income Tax Act 200? B. The income tax rates in New Zealand take a higher proportion of tax from higher incomes than from lower incomes. C. The company tax rate in New Zealand is an example of a regressive tax. D. The main objective of tax in New Zealand is to achieve equal distribution of income. Which one of the following is NOT a factor in assessing whether a person has a permanent place of abode in New Zealand? A. Intentions, whether to live here or return overseas after a period of time B. Employment, business interests and economic ties. C. Ownership of overseas dwelling D. Family and social ties. What would the income tax liability for a company and individual be on taxable income of $7?,300? A. Company tax liability will be $21,?84 and the individual tax liability will be $14,680 B. Company tax liability will be $21,?84 and the individual tax liability will be $16,594 0. Company tax liability will be $14,680 and the individual tax liability will be $21 .?34 D. Company tax liability will be $16,944 and the individual tax liability will be $20,160 Which of the following is NOT considered a factor in determining a taxpayer's intention to make a profit based on Grieve v Commissioner offniand Revenue [1984)? A. The nature of the activity B. The scale of operations and the volume of transactions. C. The commitment of time, money and effort. D. The maintenance of accounts and whether a profit was made Which of the following is NOT an example of a scheduler payment? A. Payment of directors fees B. Payment of bursary and scholarships. 0. Payment for shearing. D. Payment for commercial cleaning