FNSACC601 Quiz 14 - review

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School

La Trobe University *

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Course

FNSACC601

Subject

Economics

Date

Apr 3, 2024

Type

pdf

Pages

Uploaded by GrandQuailMaster93

Question 1 Correct Mark 1.00 out of 1.00 Started on State Finished Completed on Time taken 3 mins 5 secs Marks 24.00/24.00 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 an example of tax avoidance? Select one: a. None of the answers are correct b. Failing to include assessable income in a tax return c. A business pays a significantly higher salary to the owner's spouse for performing a normally low paying job in the business  d. Minimising taxable income by making additional superannuation contributions e. Minimising a net capital gain by selling underperforming shares

Question 2 Correct Mark 1.00 out of 1.00 Question 3 Correct Mark 1.00 out of 1.00 Which of the following is an example of legitimate tax planning? Select one: a. Only including income that can be verified by the ATO from data matching b. Claiming deductions without maintaining proper records c. Purchasing a property that is eligible for large deductions relating to capital works  d. None of the answers are correct e. Placing income producing investments under the ownership of a child Which of the following is not an example of tax evasion? Select one: a. Preparing a logbook that discloses a higher business use percentage than a car's actual use b. Falsifying records to reduce assessable income c. None of the answers are correct  d. Claiming a tax offset where ineligible e. Understating the closing balance of trading stock

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 Which of the following transactions is not covered by an anti- avoidance provision? Select one: a. Partnership net income distributed to a family member who is unable to access or control their share of that income b. Excessive wages paid to a relative to minimise family tax rates c. Income distributed from an inter vivos trust to a minor engaged in fulltime study d. None of the answers are correct e. Assets sold at market value to create a capital loss that reduces net capital gains  Which of the following is not a legal tax minimisation technique? Select one: a. Negative Gearing b. None of these answers  c. Salary Packaging d. Use of Franking Credits received e. Making donations to Deductible Gift Recipients Tax planning is a legal right that taxpayers have to minimise their taxes by making decisions that fall within the scope of taxation law. Select one: True  False

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 _____ involves the consideration and selection of the type of business structure most suitable to the taxpayer to reduce overall tax liability. Select one: a. Structural planning  b. Procedural planning c. Transactional planning d. All the answers are correct _____ relates to day-to-day decisions and planning in matters such as the valuation of trading stock at the end of the year. Select one: a. Financial planning b. Procedural planning  c. Stock planning d. Structural planning _____ is the non-payment of tax that would otherwise be payable if the taxpayer had made full and true disclosure of all assessable income and deductions. Select one: a. Tax evasion  b. Tax minimisation c. Tax avoidance d. Tax effectiveness

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