Question 5 If you answer question 5, please answer all 10 parts. Each part is worth 2 marks. Please click on only one check box option in answer to each of these parts. For example, if you think the answer is A, please click on the checkbox next to A TaP Plumbing Pty. Ltd. had $200,000 stock on hand at the beginning of the 2018/2019 financial year. It purchased $50,000 of additional trading stock during the income year. The closing stock on hand was $130,000. What are the tax implications for the 2018/2019 financial year? A. Net deduction $50,000 B. Net deduction $130,000 C. Net deduction $70,000 D. O Net deduction $120,000 stock is correct? C Paragraph Styles Inputs aTTecting that supply It is not liable for GST on the supply, and is entitled to an input tax credit on GST paid on its business inputs affecting that supply It is not liable for GST on the supply, and is not entitled to an input tax credit on GST paid on its business inputs affecting that supply 7. Cheng runs an accountancy practice, and has purchased a photocopier for $5,000 to use in his practice. The amount of GST included in the purchase price is: O $500.00 B 0 $454.55 C. 8 $475.55 D. D $50.00 8. Which of the following statements is correct? A. If an employer provides a benefit to anyone other than an employee, the benefit cannot be a fringe benefit B. O If anyone other than an employer provides a benefit to an employee, a fringe benefit does not arise C. All of the above statements are true D O All of the above statements are false 9 The decision in Myer leads to the principle that ordinary income: A. Includes receipts from a business transaction that is undertaken with an intention to profit B. Includes receipts from all transactions undertaken by a business whether they are capital or revenue C. Includes profits from the realisation of a capital item D Includes all interest earned from a loan to another subsidiary of a parent company