Taxation and Structures
Date Started: 17 Jul, 2008
Date Completed: 17 Jul, 2008
Results: 0/8 questions answered correctly.

QUESTION 1: Which of the following Trust structures is not a common Trust structure?
You answered this question INCORRECT
Your answer was Hybrid Trust.. The correct answer was: Imputation Credit Trust.

QUESTION 2: If you have gross tax to pay of $5,000 and you have franking credits of $10,000, what tax is payable or receivable?
You answered this question INCORRECT
Your answer was There is tax payable of $5,000.. The correct answer was: There is a refund of $5,000.

QUESTION 3: If a superannuation fund holds an asset for longer than 12 months what percentage of the capital gain is taxable?
You answered this question INCORRECT
Your answer was 50%.. The correct answer was: 66 2/3%.

QUESTION 4: Debra has gross tax to pay of $8,073, a franking credit of $825, Medicare levy of $1,017, and a low income tax offset of $237. What is Debra's net tax payable?
You answered this question INCORRECT
Your answer was $9,090. The correct answer was: $8,028

QUESTION 5: Martha receives a cash dividend of $7,000 from a public company with a franking credit of $3,000 and is in the 37% tax bracket. What is the net tax payable on this portion of her income (ignoring Medicare and any low income tax offsets)?
You answered this question INCORRECT
Your answer was $0.. The correct answer was: $700.

QUESTION 6: Your employer is contributing to your super fund. They are paying 11.5% of your income under the super guarantee (SG) contribution levy. You earn $100,000 per annum. What is the tax rate applied within the super fund on the employer SG contributions?
You answered this question INCORRECT
Your answer was 10%.. The correct answer was: 15%.

QUESTION 7: You are in a partnership with Sue. The business has income of $270,000 and expenses of $174,000. Ignoring Medicare and all tax offsets, including the small business income tax offset , what tax will you pay assuming no other income?
You answered this question INCORRECT
Your answer was $14,400. The correct answer was: $5,188

QUESTION 8: You hold News Corp shares within a small company structure (base rate entity) with a turnover under $500,000. If the company has held the News Corp shares for longer than 12 months, what tax rate would apply to the capital gain?
You answered this question INCORRECT
Your answer was 30%.. The correct answer was: 25%.

QUESTION 9: If a Super Fund had taxable contributions of $2,000, dividends from public companies of $2,000 and franking credits of $857, what would be the net tax situation of the Fund if it is in accumulation phase?
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QUESTION 10: Which of the following situations would not involve any assessable income being brought to account for taxation purposes for a taxpayer who works as an electrician and earns income from the following sources?
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