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Homework answers / question archive / 1)To be considered "Level 2" when determining fair value, the value is determined using O Quoted prices for identical assets from an active market Adjusted quoted prices for similar assets Unobservable inputs None of the above 2)Pablo is a Portuguese resident employed by a Portuguese company
1)To be considered "Level 2" when determining fair value, the value is determined using O Quoted prices for identical assets from an active market Adjusted quoted prices for similar assets Unobservable inputs None of the above
2)Pablo is a Portuguese resident employed by a Portuguese company. He is sent to Australia to work on a shortterm project to assist with the establishment of a branch office of the company in Australia. Pablo works in Australia for one month. Throughout this period, his salary was paid into his Portuguese bank account. During the year, he earned the equivalent of A$120,000 from his employment. Does Pablo have to pay Australian tax on any of his salary?
1)
Answer:- option 2 correct
Adjusted quoted prices for similar assets
Explanation:-
Level 2 inputs are observable for assets or liabilities, either directly or indirectly, other than quotedprices in level 1.
For example, quoted prices for similar items in an active market would be level 2 inputs.
Option 1 is incorrect:- they are inactive
Option 3 is incorrect :- level 3
Option 4 :- wrong
2)
Solution:
As Pablo is a Portuguese resident employed by a Portuguese company. He is sent to Australia to work on a short-term project to assist with the establishment of a branch office of the company in Australia, therefore he is non-resident of Australia
Foreign residents are assessed on their ordinary income and statutory income from Australian sources As Pablo is a resident of Portuguese resident he needs to pay tax to Portuguese government and as a non-resident he has to pay tax to Australian -source income only and Portuguese may be give Pablo tax credit
