20 Multiple Choice Questions. Each question is worth 1 mark. The maximum number of marks in this sections 20. For each question in this section, you MUST select the MOST correct answer from the options provided. IE Q1 Is the following statement TRUE or FALSE? "Trading stock, which includes anything produced, manufactured or acquired that is held for purposes of manufacture, sale or exchange in the ordinary course of a business, can only be brought to account for tax purposes if the taxpayer is carrying on a business: s. 70-35 ITAA97." Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a TRUE b FALSE a Save Q2 What factors do you consider bear upon the decision of a taxpayer when choosing between the Federal Court or the Administrative Appeals Tribunal in relation to the disallowance of an objection? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a The costs involved and the nature and significance of the matter in dispute b whether the materials involves the exercise of the Commissioner's discretion the nature and significant of the matter in dispute and amount of tax involved d d the possibility of having to pay the other party's costs in court e the nature of the evidence available f All of the above Q3 Is the following statement TRUE OR FALSE? "A loss or outgoing is incurred where the taxpayer has completely subjected itself to the loss or outgoing in the sense that the taxpayer has a presently existing liability' in respect of it, as distinct from a mere "impending, threatened or expected liability regardless of whether the loss or outgoing cannot be precisely determined at that time and even though payment of the loss or outgoing may not have yet been made." Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer, a TRUE b FALSE 04 The net income of a partnership that is calculated and included in the Partnership Income Tax Return for an income Year is. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer a xclusive of any losses incurred by the partnership in the relevant income year b required by sub-section 92(1) ITAA36 to be included in each partner's assessable income to the extent of their interest in the partnership for the period during which they were an Australian tax resident only taxable in the income year in which the partnership elects to file an income tax return and disclose the income to the Commissioner of Taxation d None of the above Q5 Superannuation funds are preserved until the member reaches the preservation agepursuant to reg 6.01 of the Superannuation Industry ((Supervision) Regulations 1994 (Cth). What is the preservation age for an individual born after 30 June 1964? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer, a 80 years b 25 years 60 years d 54 years