1. Ian holds 100 shares in Big Bank Pty Ltd. The company paid a fully franked dividend of $4 per share on 1 June 2021. Assume a corporate tax rate of 30%. What amount must Ian include in his assessable income for the 2021 income year? a. $171 b. $700 c. $571 d. $400
1.
Ian holds 100 shares in Big Bank Pty Ltd. The company paid a fully franked dividend of $4 per share on 1 June 2021. Assume a corporate tax rate of 30%. What amount must Ian include in his assessable income for the 2021 income year?
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a. |
$171 |
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b. |
$700 |
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c. |
$571 |
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d. |
$400 |
2.
Which of the following tests must a company satisfy to be a resident of Australia for tax purposes? (Select the most appropriate.)
- Ordinary resident test
- Domicile test
- 183 day test
- Superannuation test
- Place of incorporation
- Central management and control
- Controlling shareholders
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a. |
4, 5, 6 ,or 7 |
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b. |
5, 6, or 7 |
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c. |
Any of the above. |
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d. |
5, 6, and 7 only |
3.
You are provided with the following information on the accounts receivable of Havelock Limited for the year ended 30 June 2021.
What is the amount included in the taxable income for Havelock Limited based on the accrual and cash methods of deriving income?
Opening debtors (1/07/2020) $300,000
Cash received $600,000
Closing debtors $250,000
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a. |
Accrual basis: $250,000 Cash basis: $600,000 |
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b. |
Accrual basis: $300,000 Cash basis: $600,000 |
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c. |
Accrual basis: $650,000 Cash basis: $600,000 |
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d. |
Accrual basis: $550,000 Cash basis: $600,000 |
4.
How many categories of
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a. |
13 |
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b. |
16 |
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c. |
14 |
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d. |
2 |
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