Where a partnership records a loss for an income year for tax purposes: (Choose the most correct option)
1.
Where a
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a. |
It will be carried forward and allowed as a deduction from future income of the partnership. |
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b. |
It is only transferred to the individual partner’s tax calculation as an allowable deduction for that partner's share if the individual partner has assessable income. |
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c. |
It is transferred to the individual partner’s tax calculation as an allowable deduction and if the individual partner does not have assessable income sufficient to absorb the loss the individual partner can carry forward the loss or part of the loss to future years. |
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d. |
It will be of no significance for tax purposes because it cannot be used by the partnership under tax legislation. |
2.
Which statement below best describes the entities that can accept donations from the public and provide donors with documentation to allow them to claim a tax deduction in respect of their donation?
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a. |
Only entities classified as a deductible gift recipient (DGR) as they meet the necessary requirements to be registered by the ATO. |
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b. |
Any not for profit organisation. |
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c. |
A private hospital. |
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d. |
A local state school. |
3.
Due to a down turn in the retail sector, Ramish (an individual taxpayer) has a carried forward revenue loss from the previous income year of $25,000. For the current income year, Ramish has assessable income of $180,000, allowable deductions of $65,000 and exempt income of $20,000.Which of the following amounts represents Ramish’s taxable income for the current income year?
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a. |
$30,000 |
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b. |
$90,000 |
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c. |
$115,000 |
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d. |
$110,000 |
4.
Healing Accounts Pty Ltd is a medium-sized accounting firm in Perth, Western Australia. The company purchased a car on 1 January 2021 for $95,000. What is the company’s
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a. |
$7,089 and $3,544 |
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b. |
$7,392 and $3,696 |
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c. |
$28,590 and $14,295 |
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d. |
$11,777 and $5,888 |
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