Which of the following transactions will give rise to an assessable capital gain?

Select one:

a. Mary purchased a car for $15,000 on 3 August 2000 and sold it for $19,000 on 25 December 2015.b. Frank is a dealer in land and regularly buys land for the purpose of resale to make a profit. On 3 January 2015 he bought a block of land for $180,000 and sold it for $200,000 on 30 September 2015.c. Nick injured his arm in a work accident and was given $120,000 in compensation for the loss of a limb.d. Joseph purchased 1,000 shares inWoolworths Ltd anAustraliancompany,for $10.00 each on 12 January 2006. He sold them for $22.00 on 24 May 2016.

Fergie works for the AB Bank and she has borrowed $140,000 from the bank to purchase BHP Billy shares. The cost of the shares was $160,000. As a shareholder Fergie is entitled to dividends which are assessable income. The bank charged Fergie a fixed rate of 5% interest per annum on the loan. The loan was an interest only loan. This is a type 2 benefit as the AB Bank is unable to claim Input Tax Credits. What is thetaxable amountof the loan for the year ended 31 March 2016?

Select one:

a. $8,000b. $7,000c. Nild. $910

Paul works for Pental Constructions Ltd as an engineer. His employer paid the private school fees of $3,300 for Ariana, Pauls daughter. This expense is private in nature and is a Type 2 Benefit as Pental Constructions Ltd is unable to claim Input Tax Credits. This is the only benefit provided by Pental Constructions Ltd for the FBT year ended 31 March 2016. What is the companysFBT liabilityas a result of paying the private school expenses?

Select one:

a. $7,082.79b. $3,300.00c. $3,170.61d. $6,400.64

Tom is a resident taxpayer, 52 years of age and single. Tom worked for Oricson for 22 years but because of a downturn in the economy his employment was terminated on 1 July 2015. Tom received a payout of $70,000 in recognition of his contribution to the company. Tom has not received a previous Employment Termination Payment and has no other taxable income in the year ended 30 June 2016. Based on this information how isthe payment most likely taxedexcluding Medicare Levy?

Select one:

a. Tom will pay tax at a rate of 30% on the $70,000 received.b. Tom will pay 30% tax on $50,000 and 49% tax on $20,000.c. Tom will pay 15% on $70,000d. Tom will pay marginal rate of tax on $70,000

Paul an Australian resident for tax purposes, hascarried forward capital lossesfrom the year ended 30 June 2015 of $9,000 andcarried forward collectable lossesof $7,000 from the year ended 30 June 2014. On 1 April 2016 he sold land for $46,000 that he purchased on 4 December 2002 for $20,000. He also sold an antique on 12 May 2016 for $2,000 that he purchased for $550 on 23 December 2010. Paul is not entitled to the Small Business Entity concessions. What is hisnet capital gain or lossfor the year ended 30 June 2016?

Select one:

a. $17,000b. $1,540c. 45,725d. $8,500

Anna purchased 10 hectares of land on 25 September 2000 for $45,000. She died on 5 July 2005 when the property had a market value of $94,000. The land passed to her son Stefan on her death. Stefan subsequently sold the land for $190,000 on 22 September 2015. Stefan is not entitled to the Small Business Concessions. What is the net capital gain or net capital loss arising from Stefans disposal? (Minimise Stefans gain or loss where appropriate.) Select one: a. $45,000 gain. b. $49,000 gain. c. $49,000 loss. d. $72,500 gain.