Question
Q1 Bill and Jill are partners sharing profit and losses equally. After paying Bill and Jill $10,000 salary in total, the partnership made a loss
Q1 Bill and Jill are partners sharing profit and losses equally. After paying Bill and Jill $10,000 salary in total, the partnership made a loss of $20,000. Please calculate the amount of the loss should be distributed to Bill:
Select one:
a. 15,000
c. 5,000
Q2 For companies that are small business entities, the company tax rate for the 2018 FY is:
Select one:
b. Marginal tax rate
c. 31.5%
d. 27.5%
d. 20,000
Q3 If taxpayers take goods from stock for their own use, they are required to account for the goods as if the stock had been disposed of at:
Select one:
a. Any of the answers are correct
c. it's cost
d. fair value
Q 4 David, a professional golfer, has generated the following income for the current financial year:
Directors fees from Senior Golf Foundation $5,000
Fees received from conducting interviews with media (relating to performances as a touring PGA golf pro) $1,000
Prize money earned from the Australian PGA golf tour $50,000
Earnings from conducting coaching clinics for local golfers $20,000.
what is Davids taxable professional income for the current financial year?
Select one:
a. $76,000
b. $50,000
c. $51,000
Q5 A resident individual must lodge an income tax return for the current income year where:
amounts of PAYG tax were withheld from income derived
tax was withheld from interest or dividends under the Tax File Number provisions
they carried on a business in Australia
Select one:
a. and
b. and and
c. and
d. or or
Q5 are designed to eliminate conflict where assessable income is subject to tax in more than one country.
Select one:
a. Tax determinations
b. Private binding rulings
c. Double tax agreements
d. All answers are correct
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