General deductions for businesses | My Assignment Tutor

13 usqstudydesk.usq.edu.auSemester 1,2021 LAW 3130/5230 Final Exam GuidanceExam Format The below is meant as a guide only. Remember that any aspect of a Module may appear in the exam questions.All questions based on the 2021 income tax year.Part A – 20 Multiple Choice Questions (32 marks) Module 1 – No QuestionsModule 2- 1 Questions – General deductions for businessesModule 3 – 3 Question – Basic principles of determining existence of a capital gain & exemptions – Identifying CGT Events – Calculation of cost base and reduced cost base (not indexed cost base)Module 4 – 9 Questions – Identifying Taxable, GST Free and Input Taxed supplies and imports – Identifying availability of input tax credits on acquisitions – Identifying Adjustment events – Calculation of GST payable or input tax credits on transactions – Calculation of net GST payable of refundableModule 5 – 5 Questions – General partnership concepts, calculation of net income a. distributions to – clirmireinIsycosrar taxation concepts and determination of public vs private – itrzfriacilatrriuesst concepts, calculation of net income and distributions toModule 6 – 2 Questions – Arnendments/Appeals/reviews/objections process – Recordkeeping, ATO access and legal professional privilegePart B – 2 written problem questions (18 marks)Question 1 – (9 Marks) – Calculation of a net capital gain – from identifying CGT events, CGT Assets, calculating gains and losses, offsetting losses, applying discount and determining net capital gain or loss.Question 2 – (9 Marks) – Taxable income calculation for an individual taxpayero Medicare/Medicare Levy Surcharge Tax Offsets (not Zone or DICTO) and tax creditsm

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