1 Which of the following statements in relation to the residency of…
Question Answered step-by-step 1 Which of the following statements in relation to the residency of… 1 Which of the following statements in relation to the residency of an individual best describes a situation where the domicile test in s 6(1) ITAA36 will deem a person to be a resident of Australia ? a.They currently live in Australia and have always lived in Australia. b.They have a domicile in Australia and they are currently overseas on a four-year working contract where they are accompanied by their family. c.They have a domicile of origin in Australia and have lived overseas for 20 years. d.They have a domicile in Australia but do not have a permanent place of abode overseas. e.They have come to live in Australia for the first time and have spent 230 days in Australia in the current year of income. 2 Oscar severely injured his spine in a motorcycle accident which resulted in him becoming a paraplegic. As a result he consulted a lawyer and was successful in obtaining a compensation payout of $300,000 from his insurance company. In addition to the lump sum payment, Oscar received pre-judgment interest of $30,000. The insurance company appealed the decision in a higher court, however the original decision was confirmed and a further $5,000 of interest was awarded by the court. The insurance company therefore paid Oscar an amount of $335,000 immediately following the final decision. What amount should Oscar include in his assessable income as a result of these receipts? a.$330,000 b.$335,000 c.Nil d.$305,000 e.$300,000 3 Jamie has 100 of each of the following types of units as trading stock on hand at 30 June 2022: Cost Market Replacement Unit A $120 $160 $130 Unit B $390 $370 $280 Unit C $210 $190 $215 Unit D $70 $90 $50 To minimise assessable income what amount should he value trading stock at 30 June 2022? a.$58,000 b.$81,000 c.$67,500 d.$64,000 e.$79,000 4 In a GST context, a “supply” will not be connected with Australia where: a.The goods are delivered, or made available, in Australia to the recipient of the supply. b.The goods are imported into Australia. c.The goods are exported from Australia. d.The item being supplied is property situated in Australia. e.The goods are delivered, or made available, outside of Australia by a non-resident. 5 Which of the following is not a test in Div 35 ITAA97 that will enable a taxpayer to claim non-commercial losses against other income? a.The loss relates to an activity with taxable income greater than $20,000. b.The total assets of the particular activity exceed $500,000 in real property employed in the business. c.The loss arises in relation to a professional arts business. d.The particular activity resulted in taxable income in three out of the last five years. e.The other assets used in the particular activity exceed $100,000, excluding motor vehicles. Law Social Science Tax law ACCOUNTING 200187 Share QuestionEmailCopy link Comments (0)
