Q1 Assume that in the 2017/18 FBT year, Company A provides car parking fringe benefits to employee B. The actual value of the benefit provided is $600. Assume the benefit is type 1 fringe benefit. The FBT payable is:

Select one:

a. $294

b. $587

c. $576

d. $469

Q2

Lilly purchased a business on 1 July 2016 for $50,000 and sold it on 30 June 2018 for $80,000. Assume that she is eligible to apply 50% active asset reduction. The assessable capital gain for this transaction should be____

Select one:

a. Nil

b. $30,000

c. $7,500

d. $15,000

Q3

DD Pty Ltd purchased a machine for business purposes on 1 July 2017 for $33,000. DD Pty Ltd made the payment on 1 Oct 2017 in the same financial year. DD Pty Ltd accounts for GST on a cash basis. Therefore, the input tax credit of $3,000 for the purchase can be claimed back _____

Select one:

a. in December quarter

b. in March quarter

c. in September quarter

d. in June quarter

Q4 _has the power to investigate matters where it has reason to suspect there may have been a contravention of the Corporation Act 2001.

Select one:

a. AFP

b. AUSTRAC

c. ATO

d. ASIC