Question
Q1 A 4 year business loan was taken out commencing on 1 July 2017. The loan establishment fee was $1,600. The deduction of the borrowing
Q1 A 4 year business loan was taken out commencing on 1 July 2017. The loan establishment fee was $1,600. The deduction of the borrowing expenses in the 2018 financial year should be ____
Select one:
a. $1,600
c. $400
d. nil
Q2 A 8 year business loan was taken out commencing on 1 July 2017. The loan establishment fee was $1,600. The deduction of the borrowing expenses in the 2018 financial year should be ____.
Select one:
a. nil
b. $1,600
c. $320
Q3 A 4 year business loan was taken out commencing on 1 January 2018. The loan establishment fee was $1,600. The deduction of the borrowing expenses in the 2018 financial year should be ____.
Select one:
b. nil
c. $200
d. $160
Q4 Wendy made a contribution to a political party which she supports. She carries on a consulting business as a sole trader. The income derived from Wendy's consulting business is her only source of income. She ____ claim the contribution as a deduction.
Select one:
a. may sometimes
b. must
d. cannot
Q5 Wendy made a contribution of $1,200 to a political party which she supports. She is an employee and does not carry on any business. She ____ claim the contribution as a deduction.
Select one:
a. can
b. cannot
c. must
d. is unable to
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