Which of the following statements about ‘Property Taxes’ (in NSW) and ‘Property Strategies’ according to the material covered in the lecture are TRUE:Your main residence is usually exempt from capital gains tax (on the increase in price) if it has been your main residence for the entire period, is on land of 2 hectares or less, has not been used to produce assessable income and you are not a foreign resident.Under the ‘6 year rule’, it is possible under some circumstances for someone to still declare a property to be their ‘main dwelling’ even though they are living somewhere else under some circumstances.Question 3AnswerNeither of the statements are true (both are false)Only statement 1 is trueOnly statement 2 is trueBoth statements are true (neither are false)

Which of the following statements about ‘Property Taxes’ (in NSW) and ‘Property Strategies’ according to the material covered in the lecture are TRUE:An individual buys an investment property for $1 million that consists of a house built on 550 square meters of land. Land tax is normally payable on the difference between the market value of the property ($1 million in this case) less the relevant land tax free threshold.Lenders Mortgage Insurance is a fee payable if you borrow more than 80% of the value of a property. The insurance will pay your loan payments on your behalf if you temporarily lose your job or have an accident or illness that prevents you from working.Question 4AnswerNeither of the statements are true (both are false)Only statement 1 is trueOnly statement 2 is trueBoth statements are true (neither are false)

The property tax on a house is an amount determined by the local government based on a percentage of which of the following?Land value and bank feesBank interest and insurance feeBuilding and land valueBuilding value and interest rate charged

The gains in value from which of the following are LEAST likely to be assessable income in Australia based on the lecture material:Question 8AnswerHaoyu bought some stocks for $10,000 and sold them later for $15,000.Zihan bought a one bedroom apartment for $500,000 and sold it 5 years later for $600,000. She rented it out as an investment property for the entire period.John bought a one bedroom apartment for $500,000 and sold it 5 years later for $600,000. He lived in it for the entire period as his main residence.Sarah bought Bitcoin for $10,000 and sold it later for $15,000.

Contreras acquired his primary residence after 1 October 2001 for R900 000. During the current year of assessment, he sold it for R2 900 000. He used his primary residence 20% for trade purposes and claimed 15% of cost for income tax purposes. Which of the following statement is incorrect regarding the declaration of the sale of his primary residence in the income tax return?a.The capital gain attributable to the sale of the primary residence is R1600 000b.The capital gain attributable to trade is R400 000.c.The capital gain attributable to trade can be reduced by the annual exclusion of R40 000 available to natural persons.d.The primary residence exclusion that can be claimed R2 000 000.

Australia's general jurisdictional rules are based on the 'world-wide' rather than the 'territorial' approach to income taxation. True False