Moving to another question will save this response. Question 5 Which of the following statements is most correct? A financial year for tax is a period of 12 months beginning on 1 July for individual taxpayers. The year of tax for income tax purposes is the same as the calendar year. Significant tax benefits can generally be derived by delaying the recognition of deductions in the currenty income in the current year. O All taxpayers derive income on an earnings basis. O A financial year is always a year starting on 1 April