(Note this question is from the Week 11 Tutorial) A resident company pays a partly franked dividend of $700 (80% franked) to a resident shareholder. Explain the Income Tax implications of the shareholder if he/she is: (a) an Individual who is subject to the Top Marginal Tax rate. (2 marks) (b) an Individual with Marginal Tax rate of 15%. (2 marks) (c) a company with other Assessable Income of $100,000 and a carried forward loss of $40,000. (3 marks) (d) a company with other Assessable Income of $88,000 and deductions of $7,000. (2 marks) (e) a partnership with two (2) resident Individual partners sharing partnership profits or losses equally. (2 marks) (Note this question is from the Week 12 Tutorial) Advise the following tax payers of the GST consequences arising out of the following information and calculate the GST outputs or inputs, as required: Angela is a photographer. She recently purchased a new camera from the USA as the camera was not yet available in Australia. The camera cost AUD 1,818, which was shipped directly to her home. (2 marks) NIC Ltd is a large advisory firm that is registered for GST purposes. It accounts for GST on an accruals basis and submits its Business Activity Statements (BAS) on a monthly basis. NIC Ltd organises and pays for the accommodation of one of its managers, Daniel. This is treated as a fringe benefit for fringe benefits tax purposes. On 10 June 2020, NIC Ltd received a tax invoice from the residential property agent where Daniel lives, Smart Strata Pty Ltd, for the payment of Daniel's fees of $550 (including GST). NIC Ltd did not pay the membership fee for Daniel until 12 July. Smart Strata Pty Ltd accounts for GST on a cash basis and submits its BAS on a quarterly basis. (Explain the GST consequences for both NIC Ltd and Smart Strata Pty Ltd). (4 marks) MBR Pty Ltd has a total input tax credit of $1,000,000 comprising $80,000 of financial supplies and the balance is taxable supplies