Question

Q1 Julie is single. For the current financial year, she has taxable income of $65,000. She also receives reportable fringe benefits of $20,000 and reportable superannuation contributions of $10,000. She has no net investment loss. Julie's income for Medicare Levy Surcharge purposes for the current financial year is______

Select one:

a. $75,000

b. $65,000

c. $85,000

d. $95,000  

Q2

During the current income year, Neil has made the following income:

Wages $50,000
Interest on term deposits $2,000
Rental income from his investment property $20,000
Net capital gain from selling his investment property $50,000
His assessable income for the current income year is_____

Select one:

a. $122,000

b. $102,000

c. $72,000

d. $97,000

Q3

Sally is an Australian resident. She worked in UK continuously for 6 months on a project for the supply of agricultural services carried out on behalf of the Australian government. The project is an approved overseas project. She earned $100,000 foreign income from working on this project. This $100,000 is her ________

Select one:

a. exempt foreign income

b. assessable income

c. non-assessable non-exempt income

d. taxable income

Q4 the cost base of a CGT asset includes:

Select one:

a. costs associated with owning an asset such as insurance premium and rates

b. costs relate to installing or removing the asset

c. all are correct

d. the money paid for the asset & costs of advertising to find a seller or buyer

Q5

Mia is a bookkeeper. She attended a short course about using MYOB to do bookkeeping. The course cost $500. Mia can claim an expense of _______ as a deduction.

Select one:

a. $0

b. $250

c. $300

d. $500

can you check my answer for all these questions ( my answered fool all these questions are in the dark amount)

Answer 1

1) For calculation of income for Medical Levy Surcharge:

Taxable income = $65,000

Add: Reportable Fring Benefits = $20,000

Add: Reportable Superannuation Contributions = $ 10,000

Incoem for Medicare LevySurcharge= $ 95,000

Your answer is correct.

2) Wages $50,000
Add : Interest on term deposits $2,000
Add: Rental income from his investment property $20,000
Add: Net capital gain from selling his investment property $50,000
His assessable income for the current income year is = 1,22,000

Your answer is correct

3) Income from agricultural purposes in Australia s exempt upto $1,65,000.

Therefore, $1,00,000 is exempt.

Your answer is correct.

4) The cost base f CGT asset includes following elements including: money paid to acquire the asset, incidential costs, capital expenditure to increase asset's value, cost to preserve and install the asset.

Therefore, correct option is c. all are correct

Your answer is correct.

5) Slef Education expense deduction can be claimed upto $ 250.

Therefore, correct answer is $250

Your answer is correct.