QUESTION 8 Mia contributes $2,000 to a complying superannuation fund on behalf of her husband Lucas

8 Ans: the amount of spouse contribution offset allowed to Mia is $0

Explanation: Maximum tax offset is $540 for which the spouse contribution need to be $3000 and partner's annual income should be less than $37000.

If the annual income is more than $37000, spouse can still avail partial offset but once the income reaches $40000, no offset is available. However, spouse can still contribute to the fund.

Here, Mia contributes $2000 to the superannuation fund on behalf of her husband Lucas. The annual income of the Lucas is $40000.

As per the applicable provisions, Mia is not eligible for tax offset because the annual income of her husban Lucas is $40000. Mia can still contribute to the fund

Therefore, the amount of spouse contribution offset allowed to Mia is $0.

3 

Explanation:

Direct material cost and direct labor cost are a part of product costs. Product costs are manufacturing cost that are incurred in manufacturing the product. Product costs comprises of direct material, direct labor cost and factory overhead cost. Selling and administrative cost are part of non manufacturing costs and appear in income statement. Product cost will be included in cost of goods manufactured.