Income Tax Review

Question 1

There are 3 categories of assets subject to CGT. They are .....?

Accepted Answer

collectables, personal assets and separate CGT assets

Question 2

Net Capital Gain is the total of the taxpayer's gains after being reduced by any capital losses

Accepted Answer

true

Question 3

Losses from Collectables can ONLY be offset against capital gains from Collectables...

Accepted Answer

I agree

Question 4

Australia is an island.

Accepted Answer

a big island and Tasmania, True

Question 5

Capital Tax gains occur when the sale price of the asset is ........ than the purchase price.

Accepted Answer

greater than

Question 6

Some assets are EXEMPT from CGT. They include...?

Accepted Answer

betting or gambling wins, any assets < $10,000, sale of home

Question 7

Capital losses occur when the purchase price is greater than the sale price.

Accepted Answer

true

Question 8

The most common CGT event is when ....?

Accepted Answer

person sells an asset, person disposes of an asset

Question 9

CGT stands for Capital G..... T.....?

Accepted Answer

Capital Gains Tax

Question 10

The number 1 sport in Australia is .........?

Accepted Answer

Australian Rules Football

Question 11

The cost base of the asset is based on 5 elements.

Accepted Answer

true

Question 12

The Capital City of Australia is ....?

Accepted Answer

Canberra

Question 13

Does CGT apply to assets purchased and sold BEFORE 19 September 1985?

Accepted Answer

No

Questions 13