60.1K

Verified Solution

Link Copied!

6.7 Kate, an Australian resident individual for taxation purposes, received an unfranked cash dividend of $7,000 from Unity Ltd on 25 June 2019. What amount should she include in her assessable income as a result of receiving the dividend? A. $3,000 B.$4,000 c. $7,000 D. $10,000 Click or tap here to enter text. 6.8 An item of depreciating plant is purchased on 1 July at a cost of $10,000. It is depreciated at 40% on the diminishing balance basis and is used 80% for business purposes. What amount is deductible in the second year of ownership? $4,000 B. $3,200 c. $2,400 D. $1.920 Click or tap here to enter text. 6.9 Assume a corporate tax rate of 30%. Consider the following situations. Which would involve a franking debit entry? A. A company pays income tax of $300. B.A company paid a $35,000 cash dividend franked to 80% A company receives a dividend of $700, which has a franking percentage of 10% D. A company pays a PAYG instalment of $600. Click or tap here to enter text. 6.10 Miss Jones lodged a tax return in July 2019 but was unhappy when her taxable income was assessed by Australian Tax Office as being higher than she had stated in her tax return. She is determined to dispute that assessment. Which of the following statements is MOST correct? A Miss Jones must lodge her objection within 3 years of the service of notice of assessment of the original assessment B. Miss Jones must lodge her objection within 60 days of the service of notice of amended assessment. c. Miss Jones may lodge her objection by contacting the ATO and verbally explaining her reasons for disputing the assessment. D. All the available answers are correct. Click or tap here to enter text

Answer & Explanation Solved by verified expert

See Answer