busl320 cheat sheet (1 Viewer)

[redruM]

dont know where the original has gone. but maybe this will help.

good luck to all
http://www.flyupload.com/?fid=4648277

 

[crazy_panda_eye]

Making own notes, but had a look at yours and they came as some help.
So thankyou : )

This probably is coming in late, and Ill prob get no reply
But is studying via tutorial questions the way to go : /

 

[havy]

so much pop ups....
busl exam is finished anyway, why didn't you post this up a little earlier?

 

[crazy_panda_eye]

anyhow for the future semester people, heres an outline of the exam:

Q1 15 mc (15 marks)
A few I remember

Which is more likely to be GST payable
1) tea bags?
2) Salted peanuts?
3) Juice (that has 95% juice concentrate)

Which is more likely to be GST free?
1) Strawberries u get from the supermarket
2) mangos used in restaurant
3) blah blah blah

Some quesitons on legitimate ways of minimizing tax, and running costs

Question 2
Deductibility and CGT questions.
a 5 marker on mains residence
8 for Deductions (calculations aswell)
8 for CGT
Total 21 marks

Question 3
GST (exactly like tutorial Question) 9 marks

Question 4
Part A) FBT (Specifically Car and how to calculate taxable value using the 2 options) 5 marks, FBT telephone expense (otherwise deductible rule) 2 marks, Car Parking Fringe Benefits Tax 3marks
Total Part A = 10 marks

Part B
Anti Avoidance with specific relation to Division 6AA minor Trust income
5 marks

Total 60 marks

If you see me next semester doing this subject. Be nice.
So regret not bring tutorial answers in. : ' <

 

[dracover]

lol yeah a few questions were straight out of the tuts.

i neva realli undertood the last one like her system doesnt even work...but anyways.

q3 got to me cause i couldnt c wat the problem was. everything seemed clear cut yet the bottom said if u can find ways to adress the issue u get bonus marks...hmm werid

 

[crazy_panda_eye]

hmm my guess is that it meant to refer to cash and accruals and the gst tax advantages that would occur ?
Its sad cos Im remembering all these things now, and not during the exam.

I thought Q1 was most painful

out of curiosity, does anyone know if the luxury car limit applies in calculating FBT? or is it for use in deductions only?

 

[dracover]

ye i was thinking about that during the exam. i rem the 50k cap but i thought y would they cap fbt? it would effectively mean they can give extra fbt without getting taxed on it so i thought no it must onli apply to deduction but no confirmation on that.

 

[crazy_panda_eye]

^I think you're right

"It is important to note that the luxury car depreciation cost limit is irrelevant for FBT purposes – depreciation is calculated on the total value."

So unbelievably sadd right naow. So very sad.

 

[jonrenfrey]

any chance you could reupload this or send it to me RedRum?

 

[redruM]

dont have it any more sorry.

PS - dont spam my inbox.