Salary Sacrificing Quiz: Understanding Employee Benefits

FNSPAY511/FNSPAY512 Book 3, Chapter 1 Quiz Which is the correct definition of salary sacrificing? Select one: a. An agreement where the employee agrees to receive their salary or wages at a later date in return for a specific interest rate bonus. b. An agreement where the employee sacrifices part of their future salary or wages in return for the employer providing a benefit (or benefits) of (at least) equal value. Correct c. An agreement where the employee sacrifices part of their future salary or wages to a charity of their choice to help reduce their tax burden. Feedback Your answer is correct. Question 2 Correct Mark 1.00 out of 1.00 Flag question Question text There is no statutory or legal requirement on eligibility to be offered salary packaging. Select one: True Correct False Question 3 Correct Mark 1.00 out of 1.00 Flag question Question text Salary packaging may provide a tax advantage for employees. Select one: True Correct False Question 4 Correct Mark 1.00 out of 1.00 Flag question Question text There are legal restrictions on the benefits that can be included in a salary packaging arrangement. Select one: True False Correct Question 5 Correct Mark 1.00 out of 1.00 Flag question

Question text Whether salary packaging is tax effective may depend on the age of the employee. Select one: True Correct False Question 6 Correct Mark 1.00 out of 1.00 Flag question Question text A common type of allowance paid to employees in the workplace is a __________ allowance. AnswerCorrect Question 7 Correct Mark 1.00 out of 1.00 Flag question Question text For an organisation, the aim of a salary packaging model should be to provide perceived benefits to the employee at no or minimal additional cost to the employer. Select one: True Correct False Question 8 Correct Mark 4.00 out of 4.00 Flag question Question text The four models of salary packaging are AnswerCorrect (Hint: G. W. P. S.), AnswerCorrect (Hint: T. R. P.), AnswerCorrect (Hint: T. E. C.), and AnswerCorrect

(Hint: S. S. A). Question 9 Correct Mark 1.00 out of 1.00 Flag question Question text One of the benefits to employers of salary sacrificing is the ability attract and retain quality employees. Select one: True Correct False Question 10 Correct Mark 3.00 out of 3.00 Flag question Question text The most common types of salary-packaged benefits for employees are AnswerCorrect (Hint: S), AnswerCorrect (Hint: T. F. B.) , and AnswerCorrect (Hint: E. F. B). Question 11 Correct Mark 1.00 out of 1.00 Flag question Question text Additional concessional super contributions, above the compulsory amount, are not subject to FBT. Select one: True Correct False Question 12 Correct Mark 1.00 out of 1.00 Flag question Question text An employee’s super contributions are taxed at a concessional rate of 15% when their taxable income is under $250,000p.a.

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Select one: True Correct False Question 13 Correct Mark 1.00 out of 1.00 Flag question Question text Increasing personal contributions does not reduce the assessable income because it is not treated as a deduction. Select one: True False Correct Question 14 Correct Mark 1.00 out of 1.00 Flag question Question text A salary sacrificing arrangement where an employee increases their annual leave entitlement by sacrificing the equivalent amount of salary is called a AnswerCorrect (Hint: P. L.) arrangement. Question 15 Correct Mark 1.00 out of 1.00 Flag question Question text With a novated lease agreement, an employee leases a vehicle and transfers the employer the obligation to make lease payments, the right to use the vehicle, and other obligations under the lease. Select one: True Correct False Question 16 Correct Mark 1.00 out of 1.00 Flag question Question text Housing fringe benefits can include boats and floating structures. Select one: True Correct False

Question 17 Correct Mark 1.00 out of 1.00 Flag question Question text Remote area housing benefits are subject to FBT. Select one: True False Correct Question 18 Correct Mark 1.00 out of 1.00 Flag question Question text It is important for payroll officers to help check that salary packaging benefits and allowances are compliant with legislative requirements. Select one: True Correct False Question 19 Correct Mark 1.00 out of 1.00 Flag question Question text Salary packaging procedures should include steps to follow by the employee to apply for salary packaging benefits. Select one: True Correct False

FNSPAY512 Book 3, Chapter 1 Quiz

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