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EF purchased an asset on 1 September 20X4 for $800,000, exclusive of import duties of $30,000. EF is resident in country Y where indexation is allowed on purchase costs when the asset is disposed of.

EF sold the asset on 31 August 20X9 for $1,500,000 incurring transaction charges of $20,000. The indexation factor increased by 40% in the period from 1 September 20X4 to 31 August 20X9.

Capital gains are taxed at 30%.

What is the tax due on disposal of the asset?

Options:

$108,000

$101,400

$102,600

$95,400

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Question 2

Which THREE of the following are included in the International Accounting Standards Board's "The Conceptual Framework for Financial Reporting"?

Options:

The objective of financial statements

Specification of the financial statements that must be presented

Qualitative characteristics of financial statements

Definition of the headings to use in financial statements

The elements of financial statements

The formats of financial statements

Question 3

AB sells to ST, a group entity, 10,000 units at $2.50 each. The market value was $6 each.

The effect on AB of the transfer pricing legislation on this transaction would be to: .

Options:

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