Question
Q1 Mia is a bookkeeper. She attended a short course about using MYOB to do bookkeeping. The course cost $500. Mia can claim the expense
Q1 Mia is a bookkeeper. She attended a short course about using MYOB to do bookkeeping. The course cost $500. Mia can claim the expense of _______ as a deduction. Select one:
a. $300
c. $250
Q2 For companies that are small business entities, the company tax rate for the 2018 FY is:
Select one:
a. 30%
b. Marginal tax rate
c. 31.5%
d. 27.5%
Q3 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
b. 10,000
c. 5,000
d. 20,000
Q4 Where there is income to which no beneficiary is presently entitled the trustee is assessed at a tax rate of:
Select one:
a. the top personal marginal rate plus Medicare Levy
b. individual marginal tax rates
c. flat rate 15%
d. flat rate 30%
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