FNSACC601 Quiz 12 - 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

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Question 1 Correct Mark 1.00 out of 1.00 Question 2 Correct Mark 1.00 out of 1.00 Started on State Finished Completed on Time taken Marks 26.00/27.00 Grade 96.30 out of 100.00 Feedback Sensational! - You have shown an indepth understanding of this material, and have achieved an excellent result. Well done. How is a tax shortfall calculated? Select one: a. The difference between net tax payable on a taxpayer's correct income and net tax payable on the taxpayers tax return b. None of the answers are correct c. The amount that remains outstanding on a validly issued assessment d. The difference between a taxpayer's correct taxable income and the taxable income disclosed on a lodged return e. The difference between net tax payable and tax already paid by a taxpayer What is the base penalty percentage where a taxpayer is considered to have not shown 'reasonable care'? Select one: a. 50% b. 25% c. None of the answers are correct d. 10% e. 20%
Question 3 Incorrect Mark 0.00 out of 1.00 Question 4 Correct Mark 1.00 out of 1.00 Question 5 Correct Mark 1.00 out of 1.00 What is the penalty if a small taxpayer lodges a return 60 days after the due date of 1 January? Select one: a. 2 penalty units b. 1 penalty unit c. 4 penalty units d. 3 penalty units e. None of the answers are correct The scale of shortfall penalties considers which of the following factors? Select one: a. All of the answers are correct b. Private Ruling disregarded c. No reasonably arguable position d. Recklessness and lack of reasonable care e. Intentional disregard for the law Which of the following actions is not directly liable for a penalty? Select one: a. Intentional disregard of the law resulting in underpayment of tax b. Failing to obtain a private ruling c. Failing to keep records d. Failing to permit access to documents e. Failing to lodge a tax return
Question 6 Correct Mark 1.00 out of 1.00 Question 7 Correct Mark 1.00 out of 1.00 Question 8 Correct Mark 1.00 out of 1.00 Question 9 Correct Mark 1.00 out of 1.00 Penalties are imposed by way of additional tax. Select one: True False Tax offences are prosecuted by the Courts. Select one: True False A taxpayer who fails to comply with the provisions of Taxation Administration Act 1953 may be faced with both additional penalty tax and a court prosecution. Select one: True False A taxpayer may be required to pay a penalty for ______. failing to lodge an income tax return by the due date failing to provide information failing to keep records paying tax after the due date Select one: a. ①②④ b. ①②③ c. ①②③④ d. ②③④
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