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Question

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Task

Questions

1) Your friend is a professional netball player who won a trophy and a $5000 cash prize for being voted the league’s best and fairest player at the end the season.
 
Which tax law of the following would not be considered in determining whether or not the $5,000 is assessable income?

a) Kelly v FCT (1985)
b) Section 15-2 ITAA 1997
c) Stone v FCT (2005)
d) McCauley v FCT (1944)
e) Section 6-5 ITAA 1997

2) Jack is a non-resident taxpayer (for the full year) who is living in New York City. He has a rental property in Brisbane, QLD which earned $5,000 (net profit after expenses), overseas wages A$100,000 (USD equivalent), franking dividends of $500 from Australian shares and interest income from a USA bank account of A$100 (USD equivalent).
 
Which of the following is incorrect about his Australian tax calculations?
 
a) His exempt income is $100,100
b) His assessable and taxable income is $5,500
c) Tax payable should be nil since his taxable income is less than $18,200
d) Dividend income will be tax free from the franked dividend
e) There will be no low income tax offset

3) Calculate the transfer duty for a sale of existing residential property for $1,500,000 (exchange date of 30 June 2019) to a foreign buyer.
 
Which calculation would be correct:
a) $67,990
b) $188,000
c) $68,000
d) $187,990
e) $120,000
 
4)  Which of the following activities could be a CGT event?

a) Your investment in shares listed in the China stock market become worthless
b) Your antique car was stolen and never recovered by the police
c) You sell your sail boat (cost: $10,500) for a profit
d) The state government decides to build a highway next to your block of land forcing you to sell part of your land
e) You leave Australia permanently but retain ownership of land in Tasmania
f) All of the above may result in CGT events
 
5) You plan to start your own conveyancing business but want limited liability, to retain profits (accumulate capital), pay yourself as an employee and minimize complexity / regulations.
Which business structure should you choose to satisfy all your requirements?
 
a) Private company
b) Sole trader
c) Public company
d) Partnership
e) Trading trust

PDCV103 Revenue Law

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