True or false: The Commissioner only has two years from the date on which the notice of assessment is issued to amend it, regardless of the type of taxpayer.

Select one:

True

False

True or false: A taxpayer can generally choose either the prime cost method or the diminishing value method for each depreciating asset they hold. However, once they have chosen a method for a particular asset, they cannot change to the other method for the asset.

Select one:

True

False

True or false: Elliot is a driver with Uber, and has an annual turnover of $45,000. Elliot is required to register for GST.

Select one:

True

False

Big Bank waives the home loan application fee for all university employees as it considers university employees low risk. There is no arrangement between Big Bank and university, rather, this is unilateral action by Big Bank. True or false: The waiver of loan application fees is a fringe benefit to the university employees.

Select one:

True

False