Essay Tax assignment

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110.289 TAXATION

ASSIGNMENT NO. 1

Name : Student ID : Delivery Mode : External – Distance

QUESTION 1

The best answer is (C).

An individual’s marginal tax rate is the rate of tax he/she pays on the last dollar of income earned assuming there is nothing else affecting the individual. In this question, Sandra has no dependants or other sources of income so there is nothing else affecting her.

An effective marginal tax rate of 40% applies to Sandra. This includes the top tax rate of 30% applicable to taxable income of $56,000 and the student loan standard rate of 10%.

(A) - The 30% rate would be Sandra’s base marginal tax rate without the student loan …show more content…
(Ref: NZT 21.12.3; Study Guide 2.8)

QUESTION 7

The best answer is (D).

The general rule for charging GST is the time of supply which is the earlier of invoicing or payment, with special rules for certain transactions such as hire purchase.

The time of supply rule is important because it establishes when the registered person must account for GST on a supply or when the input tax may be claimed. In case of goods and services supplied under a hire purchase agreement, the time of supply is the date the hire purchase agreement is entered into.

(A) - All business taxpayers are not GST-registered persons. Any person carrying on taxable activities with total value of taxable supplies below the $60,000 threshold in any 12-month period may register voluntarily; however, it is not compulsory.

(B) – With the invoice basis of accounting for GST, GST output tax is recognised when a sales (or other revenue) invoice is issued and GST input tax is claimed when invoice for expenses is received.

(C) - A GST-registered person is required to file GST returns monthly, two monthly or six monthly depending on the total taxable supplies in any 12-month period. There is no annual return.

(Ref: NZT 21.2, 21.4, 21.7, 21.14)

QUESTION 8

The best answer is (A).

John is a resident for NZ tax purposes as he has been in NZ for 219 days which is more than 183 days and is liable for NZ income tax on his wages in NZ and Australian interest income. A
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