Q1 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

c. flat rate 15%

d. flat rate 30%

Q2 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

Q3 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

Q4 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

Q5

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

Q6

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