hi there,it is an online tests of module 5 ADVANCE DIPLOMA IN FINANCIAL PLANING the topic is 3 it is OPEN BOOK online exam i have attached the topic in files it will take 30 mins to answer short...

hi there,it is an online tests of module 5 ADVANCE DIPLOMA IN FINANCIAL PLANING the topic is 3 it is OPEN BOOK online exam i have attached the topic in files it will take 30 mins to answer short answers only, i have previously taken the test and passed all other segments of the online exam except for topic 3 attaching the screen shot of questions i didn’t attempt, please feel free to contact me via e mail or 0450650537 also attached a practice exam example question to give you an idea what type of questions will be faced now there are 22 questions out of which atlas 15 has to be correct to pass


DFP5_T3_v3.pdf Topic 3: Essential taxation and superannuation principles © 2017 Kaplan Education Pty Ltd. All Rights Reserved. The copyright of this material is owned by Kaplan Education Pty Limited and any reproduction, copying or other unauthorised use of this material without the written consent of Kaplan Education Pty Limited is strictly prohibited. While all care is taken to ensure the material presented is accurate and up to date, it should not be relied upon when providing advice or constructing financial plans. External websites Kaplan’s subject notes contain links to the websites of other organisations. Kaplan does not necessarily endorse or support the views, opinions, standards or information contained within these linked websites. Kaplan does not accept any responsibility or liability for any loss, damage, cost or expense you might incur as a result of the use of, or reliance upon, the materials that appear at any linked site. Kaplan respects the intellectual property rights of others. Be aware that material found on linked sites is likely to be protected by copyright and may also contain trademarks and other protected information. It is your responsibility to use the material on each linked site in accordance with the site’s specific terms and conditions of use. Topic 3: Essential taxation and superannuation principles © Kaplan Education Pty Ltd 3.1 3 Tax for Financial Advising Contents Overview ........................................................................................................... 3.3 Topic learning outcomes ............................................................................................ 3.3 1 Taxation and income .............................................................................. 3.4 1.1 How is income taxed? .................................................................................... 3.4 1.2 What is income? ........................................................................................... 3.12 1.3 Derivation of income .................................................................................... 3.18 1.4 Residency status ........................................................................................... 3.20 1.5 Special categories of taxpayers .................................................................... 3.23 1.6 Specific income items ................................................................................... 3.30 2 Medicare levy ....................................................................................... 3.49 3 Superannuation and SMSFs .................................................................. 3.54 3.1 How to set up an SMSF ................................................................................ 3.57 3.2 The importance of the trust deed ................................................................ 3.57 3.3 Advantages of SMSFs ................................................................................... 3.64 3.4 Disadvantages of SMSFs ............................................................................... 3.66 3.5 Who should use an SMSF? ........................................................................... 3.67 3.6 What contributions can an SMSF accept? ................................................... 3.69 3.7 The work test ................................................................................................ 3.71 4 Types of contributions to superannuation ............................................. 3.73 4.1 Non-concessional contributions .....................................................