BUSL320 Final Exam (1 Viewer)

[Monstar]

Anyone whose done it previously shed some light on this? whats the main focus here; the theory or the calculations.. ?

Also to the current people; How are you studying for this ? Lecture notes seem brief.. and nonsensical..I think there meant to be accompanied by some written notes in class but the past few people I've been having seem to read directly off the notes. I'm forced to read the book with the bible paper and theres alot of it. Anyone know a more efficient way to study this?

 

[Mathmatics85]

yeah i need some hot and wet tips for this unit. since i failed mid-sem miserably, i mean i've never fucked up any exam so bad in my entire fkn life.. must be the lack of studies on calculation..

therefore in this coming exam i have to pass no matter what.. i need something like 35/60... also i hear the final is really weird and hard since we can take in paper aids..

my q is.. whats best to write on the cheat sheet?

 

[Monstar]

Typing up some notes for deductions based on lecture notes and ilecture. The dude is thorough and crazy man.. I suggest you listen to it.. it filters out a tonne of bs from the thick book.

 

[tajid73]

yes thats wat im doing now..listening to ilect n writing notes.. dunno how long will i stand doing dat. it wont b long 4 sure.. sshoud hav done it b4..

Wat did u guys get in the assignment?? i saw the avrg was like 5.3.. but i dunno why everyone that i asked sed their marks r like 7-8..

 

[Mathmatics85]

what the hell is tax planning for FBT? I cant find it anywhere...

 

[tajid73]

it has sumthing to do with lect wk 13... i dunno wat as i havnt studied tht yet. im still studying accg253..

 

[*hopeful*]

it has sumthing to do with lect wk 13... i dunno wat as i havnt studied tht yet. im still studying accg253..

tajid why not post in the 253 thread
i've just been reading, making little notes and doing practical questions for 253, how are you studying for it ??

 

[tajid73]

hey hopeful i already replied ur questions in accg253 thread.

 

[Monstar]

Holy fuck tax is hard.

 

[Luke!]

(Hi Ben)

Guys, when I did the final exam for BUSL320 I remember:

A long calculation question on CGT which included:
-Sale of the individual's primary residence.
(And that's a trick;— there's no CGT on a person's residence.)
-Sale of shares.
-Sale of an investment property.

A question focusing on allowable deductions and calculation of personal income tax. The key is to understand what are and are not allowable deductions. Also be aware of how to deal with foreign-sourced income and franking (imputation) credits.

A question on FBT. The key is to understand what consitutes a fringe benefit.


I hope that helps.

 

[tajid73]

Thanks Luke.. That certainly helps.
however personal income and CGT are not examined in this exam.. although i prefer if they examine me on CGT than GST.. GST sucks

 

[Mathmatics85]

how did u guys go? For me, it was a total disaster.so many of the questions were so tricky, something i've never encountered before and unexpected.... I wrote so many crap on the cheat sheets but they were just useless. For future semester ppl, dont spend too much time on the cheat sheet...u won't even use 1/10 of the stuff. And what did i put on my cheat sheets? I put, study manual, online quizzes with solutions, lecture notes, tutorial qs and solutiins, and summaries from textbook..now u know what kind of exam BUSL320 is like...

 

[Monstar]

Yeah maths, I got tricked out for some .. luckily one of the questions was lifted straight from atsm and i remembered one of the answers.

I heard a few people found it heaps hard.. I mean i keep getting FBT and deductions mixed up so i didnt even apply operations cause it was based on undocumentated evidence!

 

[tajid73]

IMO, the multiple choice questions were pretty easy that i was like yeahhh it wasnt as hard as i thought but thennnnn....
after finishing MCQ n started reading next question, I found the short answer qs were really hard (wanna say pretty hard but if just i thought more before started writing).. i bullshit the first question and realised i did it wrong so after did like one page , had to redo it again...
and yeah cheatsheet's pretty useless.. they asked us to study from ATSM, only 1 question is in the ATSM (not even a question, just some parts in the question.. i.e.company). .seriously. .wat a waste of time studying...

Fingercross.. cr....I still wish for a distinction though... (which would be a miracle if that happens)

 

[Monstar]

Man i thought the GST question was a gift.. I thought companies was gonna be easy but i never really learnt to work out assessable, taxable income andmedicare levy shit properly!

 

[gyambqt]

I heard a few people found it heaps hard.. I mean i keep getting FBT and deductions mixed up so i didnt even apply operations cause it was based on undocumentated evidence!

i think you can still use operating cost method .The only problem is the business percentage reduced to 0 because log book not properly maintained page 1607 on the book

 

[Mathmatics85]

here are some of the questions i fucked up.(sorry about the language, but i really fucked up)

companies
1. Forgot to calculate medicare levy
2. Losses carried forward, i deducted it from the starting income

FBT
1. For stat method calculation, i used the depreciation limit of 57k instead of the original cost of the car
2. Did not mention the school fees were loan/expense pmt or whatever it was

Deductions
3. Food and meal to execs not sure what i wrote..couldnt believe they mentioned in house dining facility for that q. I was so confused with FBT...-.-
5. Food served at exhibition- i wrote not deductible cuz exhibitions not so frequent and not necessary in income producing? Pretty sure im wrong..

GST
1. I said only apportioned ITC is claimable..
3. Phone given to wife.. I said ITC claimable..cuz i thought it was a creditable acquisition..but i think i'm wrong.

i really messed up so much...will be looking forward to summer skool

 

[gyambqt]

anyone know for the last question,everyone can get 4marks because design problem of the exam

 

[tajid73]

here are some of the questions i fucked up.(sorry about the language, but i really fucked up)

companies
1. Forgot to calculate medicare levy
2. Losses carried forward, i deducted it from the starting income

i really messed up so much...will be looking forward to summer skool

Arent we supposed to deduct the carried forward losses from starting income?? I just made an assumption that either continuity test or SBT is satisfied... And after thinking about the exam now..found some more mistakess.. noooo!!!.. wish i could b this calm so i could think clearly...

 

[gyambqt]

Arent we supposed to deduct the carried forward losses from starting income?? I just made an assumption that either continuity test or SBT is satisfied... And after thinking about the exam now..found some more mistakess.. noooo!!!.. wish i could b this calm so i could think clearly...

I was confused to the company question.It asked you to calculate the australia tax payable on the dividend,i think it just asked you to calculate the franking credit.but why they give use assessable income and allowable deduction??I don't see any relationship between them.....