1) Which of the following is most likely to be taxable food for GST purposes?...
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Accounting
1) Which of the following is most likely to be taxable food for GST purposes?
a. Milk sold in a supermarket.
b. Natural spring water sold in a supermarket.
c. Tea bags sold in a supermarket.
d. Fruit juices containing at least 95% fruit juice sold in a supermarket.
e. Salted peanuts sold in a supermarket.
2) In relation to the rates of tax applicable to taxpayers, which of the following statements is most correct?
a. All resident taxpayers have a tax-free threshold of $18,200 for the income year ended 30 June 2021.
b. Resident and foreign resident (non-resident) individual taxpayers have a tax-free threshold.
c. Income averaging is available to all taxpayers, not just primary producers and artists.
d. The resident rates of tax will apply to a person who is a foreign resident (non-resident) at the end of the income year if they were a resident of Australia at any time during the year.
e. Resident taxpayers pay tax at regressive rates on their taxable income.
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