CPA AU 财务管理 Module_4
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Question 4Paul, a real estate agent, received for the FBT year ending 31 March 2009 a car fringe benefit from his employer with a taxable value of $7700 inclusive of GST. Additionally, as the majority of Paul’s mobile phone expenses were work related his employer also paid his mobile phone expenses of $1870 inclusive of GST. How much,in relation to both of these benefits, will be reported on Paul’s 30 June 2009 payment summary?a.$7700.b.$9570.c.$14 393.d.$15 898.Question 5As part of your financial advice to Jenny you recommend that she salary sacrifices $100 of her weekly pay into her superannuation fund to help plan for her retirement.Which of the following statements are correct?I.If the salary sacrifice arrangement is effective, the additional superannuation contributions will not beassessable income derived by Jenny.II.To be an effective salary sacrifice arrangement, Jenny must forego her entitlement to her wage before she performs the work to earn that income.III.To be an effective salary sacrifice arrangement Jenny can, after performing the work but before she is paid, forego her entitlement to her wage.IV.If the salary sacrifice arrangement is not effective, the additional superannuation contributions will be exempt income to Jenny under s. 23L, ITAA 1936.a.I only.b.I and II only.c.I and III only.d.II and IV only.Question 6Chas has come to you as his financial adviser to analyse his salary package, specifically in relation to his motor vehicle fringe benefit for the FBT year ending 31 March 2009. To calculate the taxable value of a motor vehicle fringe benefit under the statutory method, Chas would need to provide you with all of the following details except for which of the following?a.The purchase date of the car.b.The days the car is available for private use.c.The amount of business kilometres travelled.d.The purchase price of the car.Question 7Which of the following structures refers to ownership on the basis that all owners have distinct but undivided shares in the same property—that is, each owns a specified proportion of the whole but none can identify his or her particular share?a. A company structure with shareholders.b. A partnership structure with joint tenants.c. A partnership structure with tenants in common.d. A discretionary trust structure with beneficiaries.Question 8Which of the following is true in relation to investments held under a joint tenancy or tenants in common arrangement?I.Under a joint tenancy arrangement, the death of one owner leads to ownership of title passing toother owners.II.Under a tenants in common arrangement, each tenant is treated as the single owner of the entire property.III. A feature of a joint tenancy is that ownership is on the basis that all owners have a distinct but undivided share.IV.Assets owned under a tenants in common arrangement can be disposed of by a will.a.I and IV only.b.I and II only.c.II and III only.d.III and IV only.Question 9To qualify for the small business 15-year CGT relief, which of the following conditions must be met?I.The asset has been owned for at least 15 years.II.The taxpayer and their connected entities assets do not exceed the maximum net asset value of $1 000 000.III.The asset is an active asset.IV.The individual claiming the exemption is over 55 and is retiring or is permanently incapacitated.a.I and III only.b.II and IV only.c.I, III and IV only.d.I, II, III and IV.Question 10Fred, a shareholder, pays tax at the top marginal rate. He receives $10 000 in dividend income, which is partly franked to 50 per cent. If the company tax rate is 30 per cent, what is Fred’s assessable income and how much in imputation credits will he receive to offset his tax payable?a.Assessable income of $10 000 and an imputation credit of $4285.71.b.Assessable income of $12 142.86 and an imputation credit of $2142.86.c.Assessable income of $10 000 and an imputation credit of $2142.86.d.Assessable income of $15 000 and an imputation credit of $4285.71.SolutionsQuestion 1Correct Answer: aOnly the first $1000 of taxable values of in-house property and residual fringe benefits, and in-house expense payment benefits given to each employee, are not subject to FBT.Question 2Correct Answer: dAll items are otherwise deductible expenses.Question 3Correct Answer: dThis vehicle falls within the definition of a car, and travel to and from work means it is available for private use.Question 4Correct Answer: cThe amount of grossed-up fringe benefits provided will need to be included on the employee’s payment summary. Mobile telephone expenses are exempt fringe benefits where private use is only minor or incidental to the primary business use. Refer to the study guide sub-section on ‘Changes to fringe benefits’.$7700 × 1.8692 = $14 393The fringe benefit amount is grossed up using the type 2 fringe benefit rate of 1.8692 regardless of whether the employer was able to claim input tax credits for the benefit.Question 5Correct Answer: bAn effective SSA involves an employee contractually foregoing a future entitlement to salary or wages before that entitlement becomes presently existing.Effective SSA arrangements are not assessable income of the employee and are exempt income under s. 23L of the ITAA 1936. Refer to the study guide section on ‘Salary sacrifice’.。
