QUESTION 12 Bessie operates a small business that is registered for GST on a cash basis each quarter. She purchased a car costing $44,000 on 2 December 2020 that will be used 60% for business and 40% for private purposes. Bessie paid a cash deposit of $4,400 at the time of purchase and will pay the remaining $39,600 in January 2021. Based on the above information which one of the following amounts represents the input tax credits Bessie is entitled to for the December 2020 quarter, assuming a valid tax invoice is held? a) Nil. b) $4,000. C) $400. d) $44,000. e) $240. QUESTION 13 Eddie is a dentist in Queensland and is registered for GST and reports on the cash basis each quarter. Eddie receives fees from his patients for dental work that is not cosmetic in nature in the June 2021 quarter, totalling $440,000. Eddie pays for acquisitions which are taxable supplies to him (eg, electricity, rent and office supplies) during the June 2021 quarter, totalling $88,000. Which of the following statements represents Eddie's net GST payable or refundable for the June 2021 quarter: a) GST payable $40,000. b) GST refundable $8,000. c) GST payable $32,000. d) GST refundable $88,000. e) Nil ($0) net GST. QUESTION 14 Daphne and Simon carry on a partnership business and share profits and losses equally after the payment of any partners' salaries. During the current income year they had the following transactions: Accounting profit for the year was $600,000, including partners' salaries and interest expense but not drawings. Daphne works fulltime in the business and is entitled to a salary of $65,000. Simon withdrew $10,000 in drawings from his partner's capital account during the year. Simon had loaned $130,000 to the partnership for five years for use as working capital (at commercial terms) and the partnership paid him $13,000 in interest during the year. Which of the following amounts represents Daphne's share of the net income of the partnership for tax purposes? a) $371,500. b) $139,000. c) $404,000. d) $300,000. e) $365,000