Question
QUESTION 1 Which of the following provides the most guidance in defining incomeaccording to ordinary concepts? Case Law The 1936 Income Tax Assessment Act The
QUESTION 1
Which of the following provides the most guidance in defining incomeaccording to ordinary concepts?
- Case Law
- The 1936 Income Tax Assessment Act
- The 1944 Ordinary Income Regulations
- The 1997 Income Tax Assessment Act
- None of the above.
QUESTION 2
Which of the following statements is false?
- Non-resident taxpayers are assessed on income from Australian sources only.
- A taxpayer is a resident for tax purposes if they have a permanent home in Australia.
- Overseas students coming to Australia to study a course that is more than 6 months in duration are generally treated as residents for tax purposes.
- Resident taxpayers are assessed on income from both Australian and foreign sources.
- None of the above.
QUESTION 3
Which of the following companies would be considered a non-resident fortax purposes?
- A company that is incorporated in Australia and conducts business in Fiji.
- A company that is incorporated in Fiji, conducts business in Australia and has entirely Australian shareholders.
- A company that is incorporated in Fiji, conducts business in Australia and has entirely Fijian shareholders.
- A company that is incorporated in Fiji, conducts business in Australia, has its central control and management in Australia, and has entirely Fijiian shareholders.
- None of the above.
QUESTION 4
Roshan is a non-resident of Australia. He derived $26,000 from businessinterests in Australia in 2019/20. His tax payable is:
- $8,450
- $ 0
- $8,525
- $8,005
- None of the above.
QUESTION 5
Which of the following individuals is generally considered as an Australiantaxpayer?
- An Australian citizen goes overseas temporarily and does not set up a permanent home overseas.
- An overseas student enrolled in a course for 1 year in an Australian university.
- A foreigner who has migrated to and intends to reside in Australia permanently.
- A relative of an Australian resident visiting Australia and lived in the one location and their visa allowed them to work during their stay.
- All of the above.
QUESTION 6
Which of the following is the most important factor in determining thesource of assessable income from a property development?
- The country where the development takes place.
- The residency of the developer.
- The country from which the development is financed.
- The country in which the development is planned and contracts entered into.
- None of the above.
QUESTION 7
A resident taxpayer is:
- A company which is incorporated in Australia.
- A foreign company that carries on business in Australia.
- A foreign company that has central management and control in Australia.
- A foreign company with voting power controlled by Australian residents.
- All of the above.
QUESTION 8
Joey is a travel agent and receives a car parking fringe benefit from hisemployer. How is the value of this benefit classified?
- Income according to ordinary concepts
- Statutory income
- Exempt income
- Non-assessable non-exempt income
- None of the above.
QUESTION 9
If a person doesn't satisfy the "resides test" (the primary test), they maystill be considered an Australian resident under:
- The domicile test.
- The 183 day rule.
- The superannuation test.
- All of the above.
- None of the above.
QUESTION 10
Toni signs a contract to sell an investment property on 15 April, but it doesnot settle until 15 July. When is the capital gain derived under ordinary concepts?
- 30 June
- 01 July
- 15 July
- 15 April
- None of the above.
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