Which of the following factors must be considered in determining whether a taxpayer had the dominant purpose of obtaining a tax benefit when entering into a scheme to which Part IVA ITAA1936 applies: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. d a b C the manner in which the scheme was entered into or carried out (enabling contrivance or artificiality to be identified) the form and substance of the scheme (which requires a comparison of the legal form of the scheme with its economic and commercial outcomes); any change in the financial position of the relevant taxpayer that has resulted, will result, or may reasonably be expected to result, from the scheme; the nature of any connection (whether of a business, family, or other nature) between the relevant taxpayer and any person referred to in subparagraph (vi); C All of the above. Q17 The method for calculating the Foreign Income Tax Offset (FITO) a taxpayer is entitled to includes the following steps Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a work out the amount of Australian income tax payable by the taxpayer for the income year b work out the Australian income tax payable if the assumptions in s.770-75(4) ITAA97 has been made c work out the 'offset limit' and calculate the FITO (i.e. the lesser of the total foreign income tax paid or the offset limit) d All of the above d Q18 For a company to be able to carry-forward prior-year tax losses under the business continuity test it must Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. C b a satisfy the 'same business test' throughout the 'same business test period' the company carries on the same business as it did before the change in ownership or control occurred satisfy the 'similar business test' throughout the 'business continuity test period' it carries on a business that is similar to the business it carried on immediately before the test time satisfying either of the tests in (a) or (b) is acceptable and will enable the company to carry-forward its prior year losses None of the above is correct as, if the 'continuity of ownership test' is failed the company will not ever be able to carry forward its prior year losses Q19 Under Division 7A ITAA36, a private company will be taken to have paid an unfrankable deemed dividend to one of its shareholder if Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a b the company makes a payment which includes any amount credited to or on behalf of, or for the benefit of the shareholder: s.109C ITAA36 the company makes a loan to one of its shareholders and the loan remains unpaid as at the lodgement date: 5.1090 ITAA36 C the company forgives a debt owed by one its shareholders to it: s.109F ITAA36 All of the above Q20 A taxpayer must, with respect to the trading stock it uses in its business activities, conduct an annual stocktake and measure any movements in the opening and closing values of its trading stock using which of the following methods? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer, a the cost price method b the market selling value method C the replacement value method d the FIFO/LIFO method e Only (a), (b) and (c) are correct