True/ False & MCQs

1. June's employer purchased a laptop computer for Janet to use for work purposes when Janet worked from home. Janet spent $800 on paper whilst working from home. Janet cannot claim any deduction relating to the computer as it belonged to her employer. State if this statement is True or False.

2. Yen had valued the previous year's stock at market selling value at $20,000. At 30 June of the current income year, closing stock valued at cost is $15,000 for Yen. If valued at market selling value it would be $12,000. If Yen wished to minimise his taxable income for the current year, he should use a high closing stock figure of $15,000 being the market selling value. True/ False