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Question 11 In relation to exempt income, which of the following statements is most correct?...

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Accounting

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Question 11 In relation to exempt income, which of the following statements is most correct? O Interest on a judgment debt for a personal injury is considered to be ordinary income. O Only ordinary income can be exempt income. O An example of non-assessable non-exempt income is the amount of goods and services tax (GST) received by a registered entity for making a taxable supply. Income earned by trade unions will be subject to tax at the company rate. O Tax-free income is not included in the adjusted taxable income of a taxpayer

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