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Tax Tips, ATO accounts : ICA & ITA & Misc Topics (Part 2)

A detailed illustration depicting taxation elements in Australia, featuring fuel tax credits, personal services income, and health insurance scenarios, with a professional and educational atmosphere.

Tax Essentials Quiz

Test your knowledge on taxation matters and the Australian Taxation Office (ATO) regulations with our insightful quiz! Whether you're a business owner, freelancer, or simply interested in improving your tax literacy, this quiz is designed for you.

Understand Fuel Tax Credits
Learn about Personal Services Income
Explore Private Health Insurance Rebate criteria

11 Questions3 MinutesCreated by TaxWiseEagle24

To make a claim for FTC…..

You must be registered for GST and fuel tax credits.

You must be using fuels into heavy vehicles, machinery, plant or equipments.

You must be using fuels for business use purpose activity.

All of the above

From 30 March 2022 until 28 September 2022, the fuel tax credit rate for fuel used in heavy vehicles for travelling on public roads will be

22.1 cents per litre

0 cents per litre

44.2 cents per litre

What and at which label you report FTC in quarterly business BAS?

Liters of used fuel; label 7D

Liters of used fuel; label 7C

AUD $ value of fuel used; 7D

AUD $ value of fuel used; 7C

The following persons does not receive Personal Services Income (PSI):

Financial profesionals

Medical practitioners

Sole traders

Construction workers

Your Income is classified as PSI when more than ___ of the income is received as reward.

75%

50%

25%

Personal Services Income (PSI) is derived from…...

The use of investments or fixed assets.

The sale of goods.

Arranging a business structure.

The income received as reward for your personal efforts and skills.

You cannot claim the following deductions against your PSI income…...

All of the below

Rent, mortgage interest, rates or land tax for your home or your associate's home

Payments to your spouse or other associate, for support work such as wages for secretarial duties

Expenses that you would generally not be able to deduct as an employee.

One of the following condition is not tested to calculate PHI rebate, which one?

Income threshold testing, more the income = less the rebate

Single income or family income is calculated to decide the upper threshold

Who pays for the insurance premium of the PHI policy

Age of the family members & the oldest person is considered

Family status existing as on 30th June of the FY

Which of the following is an Appropriate level of private patient hospital cover for PHI to get exemption from MLS?

General cover or 'extras' which includes optical, dental, physiotherapy or chiropractic treatment.

Hospital cover is provided by registered health insurers for treatment in any Australian hospital.

Medical insurance health cover provided by an overseas fund.

Travel insurance health cover provided by any Australian fund.

If the Salary sacrifice arrangement (SSA) does not meet the requirement of an effective SSA, then the benefits are...

Treated as exempt income in the hands of employee in the year they are provided

Taxed as taxable income of employee when they are provided

Not counted towards the SGC contributions that the employer is required to make to avoid super guarantee charge.

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