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.

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