Question: 1 explain income tax requirements for partnerships under the income...
1. Explain income tax requirements for partnerships under the Income Tax Assessment Act.
2. How is a work-related deduction defined under the Income Assessment Act section 900.30?
3. Explain Fringe Benefits Tax (FBT) and provide three examples of what is considered fringe benefits for tax purposes.
4. Explain when tax is due for individuals, partnerships and trusts under the Income Tax Assessment Act
5. Explain when tax is due for companies under the Income Tax Assessment Act
6. Discuss the key purpose and objectives of forecasting.
7. Describe at least two types of information and data that a company can use for budgeting and forecasting. Ensure that your answer also includes the source of the information and data.
8. Compare and contrast two forecasting techniques, including the different circumstances in which these might be used.
9. Outline two common methods for calculating depreciation that can be used by an accountant.
10. Explain under what circumstances consolidated accounts must be prepared.