Australian Accounting, Taxation and Budgeting Practice Test

Ethan is a nurse who also teaches first-aid courses from a spare room. He brings receipts for a headset, course manuals, electricity, internet and family streaming subscriptions. His diary records only teaching hours for six weeks. Which treatment best supports a defensible 2024-25 deduction claim?

Northstar Fabrication asks an accounting graduate to advise on a managed investment product while preparing tax schedules. The graduate is not licensed for financial product advice. What is the safest boundary?

Banksia Robotics advises a retailer during a period of rising interest rates and falling consumer confidence. Sales volume is steady, but finance costs and bad debts are increasing. Which economic analysis is most useful for the accountant's report?

Mia is an Australian resident for all of 2024-25 with taxable income of $92,000 before Medicare levy. Their employer withheld using old payroll software, and the client asks for a quick estimate before signing the return. Which tax calculation is correct before offsets and Medicare levy?

Summit Field Services is registered for GST and reports quarterly on an accrual basis. It issued $88,000 GST-inclusive invoices in June, received $33,000 cash from May invoices, and paid $22,000 GST-inclusive supplier invoices dated June. What GST should be reported for June-quarter taxable supplies and acquisitions?