This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: Taxation MC (self made) 1. The ATO: a. Does not make tax legislation b. Responsible for administration and enforcement of income tax laws c. Can issue public rulings as interpretations of certain actions such as income declaration and allowable deductions d. All of the above 2. Income tax is paid: a. In full at the end of the year b. Is paid on a PAYG basis, where you receive a tax credit for withheld income at the end of the year c. Is paid on a PAYG basis, where you receive a tax liability for withheld income at the end of the year d. None of the above 3. Medicare levy is charged at ___________ on the ___________ taxable income a. 1%, entire b. 1.5%, entire c. 1.5%, marginal threshold exceeding d. None of the above 4. Which of the following is not assessable income to a taxpayer? a. Sale of land held by a property developer b. Aged pension c. Gift of a bottle of $100 scotch whiskey from a client to service provider for outstanding service where payment for services rendered has been made in full d. Payment from a privately owned company to a shareholder based on units of shareholding in the form of property held by the company 5. Income can be determined as financial resources resulting from; a. Personal exertion b. Income from property c. Statutory income d. All of the above 6. Where the home office is not the main office; a. Cannot be claim at all in deductibility’s b. Has limited deductibility’s i.e. cost of fitting, heating, cooling and lighting the study area c. Taxpayer can claim a portion of the house expenses including interest and council expenses d. None of the above 7. Where the home office is the only office; a. Cannot be claim at all in deductibility’s...
View Full Document
This note was uploaded on 07/19/2011 for the course FINS 2643 at University of New South Wales.