Tax Tips, ATO accounts : ICA & ITA & Misc Topics (Part 3)

Which of the following is not reported on ICA?

LCT

Franking Credit

PAYGW/ PAYGI

FTC

Your employer is required to pay…......(super contribution)

SGC @ 10.5% from 1 July 2022

SGC @ 11% from 1 July 2022

SGC @ 10% from 1 July 2022

For an Individual Tax Return (ITR), you can claim following @ D3:

The clothes not specific to your occupation or business

The laundry costs for logo-ed uniform or occupation specific uniform

The cost of purchasing or claening a plain uniform without logo

Which of the following can be offset againt current year's net business income?

Current year's capital loss

Brought forward capital losses from earlier income years

Brought forward tax loss from earlier income years

Brought forward business tax loss can be offset against current year's net capital gain.

Correct

Incorrect

Not Sure

For Reportable fringe benefits amount (RFBA), which one is correct?

It is not included in total income or loss amount.

Taxpayer don't pay income tax or Medicare levy on it.

It is taken into account in determining the eligibility for certain government benefits and concessions.

All of the above

Which of the following is not Reportable Employer Super Contribution (RESC)?

Additional contributions under a salary sacrifice arrangement

Contributions required by super fund rules or super law or super guarantee contributions

Pre-tax amounts paid to an employee's super fund

Additional contributions as part of an employee's individual salary package

Reportable employer super contributions (RESC) are ______employee's assessable income.

Deducted

Included

Not included

What is an ATO payment plan?

ATO payment obligations are break down into various smaller amounts for a time period.

It includes payment of agreed sum of money either weekly, fortnightly or monthly intervals.

Individuals, sole traders, companies & businesses can enter into a plan with ATO.

Professional tax agents can enter into a plan on behalf of their clients with ATO.

All of the above

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