1. Which of the following are not trading stock?

1. Bees kept for use in a honey production business

2. Horses used in a city horse carriage tour business

3. Undeveloped land owned by a land developer

4. Partly finished computers of a computer manufacturer

2. For the purposes of the Goods and Services Tax (GST), when a registered business makes an input taxed supply it means that:

1. It is liable for GST on the supply, but it is not entitled to an input tax credit on GST paid on its business inputs affecting that supply

2. It is liable for GST on the supply, and is entitled to an input tax credit on GST paid on its business inputs affecting that supply

3. 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

4. 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