FNSACC601 Quiz 16 - review

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School

La Trobe University *

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Course

FNSACC601

Subject

Economics

Date

Apr 3, 2024

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pdf

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8

Uploaded by GrandQuailMaster93

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Question 1 Correct Mark 1.00 out of 1.00 Started on State Finished Completed on Time taken Marks 17.00/17.00 Grade 100.00 out of 100.00 Feedback Sensational! - You have shown an indepth understanding of this material, and have achieved an excellent result. Well done. Which of the following is not a control test for a Controlled Foreign Company (CFC)? Select one: a. None of the answers are correct b. 5 or fewer Australian residents effectively control a foreign company c. 5 or fewer Australian entities own at least 50% of a foreign company d. A single Australian entity holds an interest of 10% or more in a foreign company e. A single Australian entity owns at least 40% of a foreign company
Question 2 Correct Mark 1.00 out of 1.00 Question 3 Correct Mark 1.00 out of 1.00 A tax haven can be defined as: Select one: a. A country listed by the ATO as being a tax haven b. None of the answers are correct c. Any unlisted country d. Any listed country e. A country which does not have a closely comparable tax system to Australia Which of the following is not classified as tainted income? Select one: a. Income from investments significantly affected by taxation considerations b. Sales and service fees from related party transactions c. All income derived from illegal activities d. Passive income e. None of the answers are correct
Question 4 Correct Mark 1.00 out of 1.00 Question 5 Correct Mark 1.00 out of 1.00 Question 6 Correct Mark 1.00 out of 1.00 The purpose of the accruals taxation of foreign income is: Select one: a. To tax foreign residents on their share of a CFC's taxable income on an accruals basis, unless that income has been comparably taxed offshore b. To discourage offshore investment c. To tax Australian residents on their share of a CFC's tainted income on an accruals basis, unless that income has been comparably taxed offshore d. To ensure that Australian residents are taxed on foreign income e. None of the answers are correct Income derived by a CFC in a listed country: Select one: a. Will not be subject to tax in Australia by way of attribution only if it is derived from active trade or business b. Will be subject to tax in Australia by way of attribution if it is passive income c. None of the answers are correct d. Will not be subject to tax in Australia by way of attribution e. Will be subject to tax in Australia by way of attribution ______ are designed to eliminate conflict where assessable income is subject to tax in more than one country. Select one: a. Double tax agreements b. Tax determinations c. Private binding rulings d. all the answers are correct
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