Question

Q1 Mia is a bookkeeper. She attended a short course about using MYOB to do bookkeeping. The course cost $500. Mia can claim the expense of _______ as a deduction. Select one:

a. $300

c. $250

Q2 For companies that are small business entities, the company tax rate for the 2018 FY is:

Select one:

a. 30%

b. Marginal tax rate

c. 31.5%

d. 27.5%

Q3 Bill and Jill are partners sharing profit and losses equally. After paying Bill and Jill $10,000 salary in total, the partnership made a loss of $20,000. Please calculate the amount of the loss should be distributed to Bill:

Select one:

a. 15,000

b. 10,000

c. 5,000

d. 20,000

Q4 Where there is income to which no beneficiary is presently entitled the trustee is assessed at a tax rate of:

Select one:

a. the top personal marginal rate plus Medicare Levy

b. individual marginal tax rates

c. flat rate 15%

d. flat rate 30%

Answer 1

Question 1:

Mia can claim the half of the expense incurred as a deduction.

So, Amount of deduction = 500*50% = $ 250

Option C. $250 is the answer.

Question 2:

The tax rate for FY 2018 for companies is 30%

Option A. 30% is the answer.

Question 3:

As the loss of $20,000 includes salary loss, the remainig loss has to be shared with the partners.

Remainig loss = 20000-10000(salary) = $ 10,000

Option B. $10,000 is the answer.

Question 4:

Option B.individual marginal tax rates

The Trustee is to be taxed at individual marginal tax rate when there is no beneficiary to the trust at present.