2026 FNSACC601 Quiz 7 - Clubs, Societies and
Associations Prepare and administer tax documentation for
legal entities Monarch Institute
HOLIDAY NOTICE: LIMITED SUPPORT (20 DEC – 4
JAN)
Please be advised that from Saturday 20th December to Sunday 4th January, Trainer
and Student Services availability will be limited.
Please allow extra time for responses. Thank you and enjoy the break!
Started on Saturday, 3 January 2026, 7:15 PM
State Finished
Completed on Saturday, 3 January 2026, 7:20 PM
Time taken 4 mins 27 secs
Marks 18.00/18.00
Grade 100.00 out of 100.00
Feedback Sensational! - You have shown an indepth understanding of this
material, and have achieved an excellent result. Well done.
Question 1
The formula used to allocate income between members and non-
Correct
members is known as:
Mark 1.00 out of
1.00 Select one:
a. Waratahs Formula
b. Crusaders Formula
c. None of the answers are correct
d. Bombers Formula
e. Broncos Formula
, Question 2
What is the principle where a taxpayer cannot be taxed on receipts
Correct from themselves?
Mark 1.00 out of
1.00 Select one:
a. None of the answers are correct
b. Imputation System Principle
c. Double Taxation Treaty
d. Single Entity Principle
e. Mutuality Principle
Question 3
Which of the following sources of income would be subject to
Correct
income tax in the hands of a Strata Plan?
Mark 1.00 out of
1.00 Select one:
a. General levies collected
b. Interest from investments
c. None of the answers are correct
d. Special levies collected
e. Late fees levied
Question 4
Which source of income received by a club would not be split
Correct
between members and non-members?
Mark 1.00 out of
1.00 Select one:
a. Poker machine takings
b. Bistro sales
c. Subscriptions
d. None of the answers are correct
e. Bar sales
Associations Prepare and administer tax documentation for
legal entities Monarch Institute
HOLIDAY NOTICE: LIMITED SUPPORT (20 DEC – 4
JAN)
Please be advised that from Saturday 20th December to Sunday 4th January, Trainer
and Student Services availability will be limited.
Please allow extra time for responses. Thank you and enjoy the break!
Started on Saturday, 3 January 2026, 7:15 PM
State Finished
Completed on Saturday, 3 January 2026, 7:20 PM
Time taken 4 mins 27 secs
Marks 18.00/18.00
Grade 100.00 out of 100.00
Feedback Sensational! - You have shown an indepth understanding of this
material, and have achieved an excellent result. Well done.
Question 1
The formula used to allocate income between members and non-
Correct
members is known as:
Mark 1.00 out of
1.00 Select one:
a. Waratahs Formula
b. Crusaders Formula
c. None of the answers are correct
d. Bombers Formula
e. Broncos Formula
, Question 2
What is the principle where a taxpayer cannot be taxed on receipts
Correct from themselves?
Mark 1.00 out of
1.00 Select one:
a. None of the answers are correct
b. Imputation System Principle
c. Double Taxation Treaty
d. Single Entity Principle
e. Mutuality Principle
Question 3
Which of the following sources of income would be subject to
Correct
income tax in the hands of a Strata Plan?
Mark 1.00 out of
1.00 Select one:
a. General levies collected
b. Interest from investments
c. None of the answers are correct
d. Special levies collected
e. Late fees levied
Question 4
Which source of income received by a club would not be split
Correct
between members and non-members?
Mark 1.00 out of
1.00 Select one:
a. Poker machine takings
b. Bistro sales
c. Subscriptions
d. None of the answers are correct
e. Bar sales
