q1 Ann opened her craft shop for business on 1 March CIY (Current Income Year). She purchased $15,000 worth of stock during the four months to 30 June and had $10,000 worth of stock on hand at 30 June CIY. Ann had made sales of $11,000 at 30 June CIY.

What is Anns taxable income or loss for the year ended 30 June CIY?

Select one:

$14,000 loss.

$11,000 income.

$4,000 loss.

$6,000 income.

q30

Every taxpaying entity, whether in business or not, needs to pay tax on every amount of money they receive in a financial year

Select one:

True

False

q 29

Yankers Enterprises Pty Ltd sells training course materials to organisations. The materials are imported from a United States-based course developer and on-sold for a profit. Yankers provides you with the following information for the purposes of preparing its income tax return for the CIY:

Sales $90,000

Less; Cost of goods sold

Opening stock $10,000

Plus: purchases $60,000

Less: closing stock $40,000 $30,000

Gross profit $60,000

What is Yankers Enterprises assessable income for the current income tax year?

Select one:

$90,000

$120,000

$60,000

$100,000

q28

Which of the following is not included in statutory income?

Select one:

capital gains

Dividend imputation credits

Dividends

net capital gains

Clear my choice