Which of the following statements is correct? O a. A tax offset can result in a refund if it relates to franking credits. O b. Tax offsets are same as allowable deductions as both reduce assessable income. O c. Any tax offset can increase deductions. O d. Tax offsets are used to reduce your taxable income.
Which of the following statements is correct? O a. A tax offset can result in a refund if it relates to franking credits. O b. Tax offsets are same as allowable deductions as both reduce assessable income. O c. Any tax offset can increase deductions. O d. Tax offsets are used to reduce your taxable income.
Chapter13: Tax Credits And Payment Procedures
Section: Chapter Questions
Problem 1DQ
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![Which of the following statements is correct?
O a. A tax offset can result in a refund if it relates to franking
credits.
O b. Tax offsets are same as allowable deductions as both
reduce assessable income.
O c.
Any tax offset can increase deductions.
O d.
Tax offsets are used to reduce your taxable income.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F944491d8-1185-4705-9528-e30f8e14915d%2F9f34fee1-9414-48fb-9088-0eed61853245%2F21e17gl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Which of the following statements is correct?
O a. A tax offset can result in a refund if it relates to franking
credits.
O b. Tax offsets are same as allowable deductions as both
reduce assessable income.
O c.
Any tax offset can increase deductions.
O d.
Tax offsets are used to reduce your taxable income.
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