2026 FNSACC601 Quiz 8 - Special Professionals
100.00 out of 100.00 (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, 7:35 PM
State Finished
Completed on Saturday, 3 January 2026, 7:43 PM
Time taken 8 mins
Marks 17.00/17.00
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
Which of the following transactions would be classed as special
Correct
professional income in the hands of a professional football player?
Mark 1.00 out of
1.00 Select one:
a. Fees for acting as a director of a sporting association
b. Wages for umpiring in a local football competition
c. Salary for coaching a football team
d. None of the answers are correct
e. Income for endorsing a brand of chocolate
, Question 2
Which of the following is excluded from applying the special
Correct professional averaging provisions?
Mark 1.00 out of
1.00 Select one:
a. A journalist
b. A composer
c. The host of a television variety show
d. An actor
e. None of the answers are correct
Question 3
A taxpayer's average professional income is calculated as:
Correct
Select one:
Mark 1.00 out of
1.00 a. One quarter of their taxable professional income for the past
4 years
b. None of the answers are correct
c. One half of their taxable income over the previous 2 years
d. One third of their taxable professional income for the past 3
years
e. One fifth of their taxable professional income for the past 5
years
Question 4
Above average special professional income is calculated as:
Correct
Select one:
Mark 1.00 out of
1.00 a. Average professional income less current year professional
income
b. Taxable professional income less average taxable
professional income
c. None of the answers are correct
d. Taxable income less average professional income
e. Taxable income less current year professional income
100.00 out of 100.00 (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, 7:35 PM
State Finished
Completed on Saturday, 3 January 2026, 7:43 PM
Time taken 8 mins
Marks 17.00/17.00
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
Which of the following transactions would be classed as special
Correct
professional income in the hands of a professional football player?
Mark 1.00 out of
1.00 Select one:
a. Fees for acting as a director of a sporting association
b. Wages for umpiring in a local football competition
c. Salary for coaching a football team
d. None of the answers are correct
e. Income for endorsing a brand of chocolate
, Question 2
Which of the following is excluded from applying the special
Correct professional averaging provisions?
Mark 1.00 out of
1.00 Select one:
a. A journalist
b. A composer
c. The host of a television variety show
d. An actor
e. None of the answers are correct
Question 3
A taxpayer's average professional income is calculated as:
Correct
Select one:
Mark 1.00 out of
1.00 a. One quarter of their taxable professional income for the past
4 years
b. None of the answers are correct
c. One half of their taxable income over the previous 2 years
d. One third of their taxable professional income for the past 3
years
e. One fifth of their taxable professional income for the past 5
years
Question 4
Above average special professional income is calculated as:
Correct
Select one:
Mark 1.00 out of
1.00 a. Average professional income less current year professional
income
b. Taxable professional income less average taxable
professional income
c. None of the answers are correct
d. Taxable income less average professional income
e. Taxable income less current year professional income
