Question
In relation to the liability to income tax, which of the following statements is most correct? Select one: a. Income tax is only paid by
In relation to the liability to income tax, which of the following statements is most correct?
Select one:
a.
Income tax is only paid by individuals and companies
b.
The amount of income tax payable is calculated by multiplying the taxpayers taxable income by the applicable tax rates and adding any applicable tax offsets
c.
Medicare levy applies to all taxpayers
d.
Rates of tax vary depending on the nature of the taxpayer and whether the taxpayer is a resident or a foreign resident
For the 2020-21 income tax year, what is the top marginal tax rate for Australian resident individuals (not including the Medicare levy of 2%)?
Select one:
a.
47
b.
30
c.
45
d.
49
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