FNSACC502-Prepare Income Tax Returns For Individuals

Question1. Define assessable income as per Income Tax Assessment Act 1997.

Question2. Give two examples of ordinary income and statutory income.

Question 3. ATO can carry out audits if they find any discrepancies in tax return. Mention the names of three such audits conducted by ATO with brief description for each.

Question 4. What are the four key differences between residents and non-residents for tax purpose Question 5. Section 6(1) of the ITAA 1936 provides 4 exhaustive tests of residence for individuals. Mention them in brief.