Definitions + Keywords

Question 1

80/20 rule for PSI

Answer 1

Whether 80% or more of individuals PSI comes from one client (or associate of that entity)

Question 2

Accountants concession

Answer 2

Concession provided by the ATO to accountants

ATO will seek access to source documents

Will only seek access to restricted source and non-source documented in exceptional circumstances.

Question 3

Active Asset

Answer 3

Asset owns and uses (or ready to use)

in course of carrying on business

including intangible assets inherently connected with a business

Question 4

Adjustable value

Answer 4

cost of an asset that has yet to decline at a particular point in time

Question 5

AAT

Answer 5

Administrative appeals tribunal

Independent -> merit reviews -> Commonwealth law decisions

Question 6

Aggregated turnover

Answer 6

Sum
Annual turnover
Any entity/affiliate connected with main entity

Question 7

Assessable income

Answer 7

Ordinary
+
statutory

Question 8

Collectables

Answer 8

Artwork, jewellery, antiques, coins, stamps

Personal use + enjoyment