Reference no: EM133183398

Questions -

(a) What is the difference between a deduction and a tax offset?

(b) What are 'mutual payments' and how are they taxed?

(c) A Ltd prepaid its computer and photocopier maintenance contract in May 2014 paying $10,000 for services to be provided over the next 2 years. What are the taxation consequences for it?

(d) B incurs $65 in deductible outgoings during the year. The individual expenses range from 60 cents for a stamp to $6 for parking. How should he substantiate the individual expenses included in the $65?

(e) C Pty Ltd (a private company) lends D, its sole shareholder and director, $100,000 interest-free for 10 years. The loan carne from retained earnings. What are the tax consequences for D?

(f) What are the minimum and maximum periods over which a primary producer can average his or her income?

(g) Briefly explain the tax consequences of 'Farm Management Deposits'?

(h) What three elements have to be established for Part IV A to apply?

(i) An Australian resident company pays a royalty to a non-resident. What are the Australian income tax implications?

(j) Are there any limits on the Commissioner's ability to enter and search premises?