To overcome potential double taxation in Australia Select one: a. The amount of Australian tax payable will be equal to the amount of foreign income tax already paid b. The amount of Australian tax payable is reduced by the amount of foreign income tax already paid c. The amount of Australian tax payable is not reduced by the amount of foreign income tax already paid d. No procedures needed. Individuals have to pay double taxation

"$10,200 interest from a bank term deposit of $150,000" is likely to be:

Select one:

 

a. Not Ordinary Income and it is exempt from tax 

b. Ordinary and taxed income 

c. Not Ordinary Income but it should be taxed

d. Ordinary income but exempt from tax

Answer rating: 100% (QA)

The detailed answer for the above question is provided below For the first question To overc... View the full answer