Business Tax - BAS, GST, PAYG

Which tax is added to most of the things you buy? It is included in the price of the item, recorded separately on invoices & receipts, and is collected by the seller

• GST

• Personal Income Tax

• Company Tax

• Stamp Duty

The current GST rate in Australia is __%.

This means Goods & Services with GST inclusive prices have GST as __% of the total price

What is a Tax File Number (TFN) in Australia?

• A unique number issued by the Australian Taxation Office to identify individuals for tax purposes.

• A number used to track your bank account transactions.

• A number that represents your credit score.

• A number used to identify your driver's licence.

What is GST and what does it stand for?

• General Sales Tax; a tax on all sales.

• Goods and Services Tax; a broad-based tax of 10% on most goods and services.

• Government Service Tax; a tax on government services.

• General Service Tax; a tax on general services.

You purchase a phone for $220 inclusive of GST. How much GST are you paying?

• 22

• 20

• 21

• 200

You purchase a new laptop for $500 excluding GST. What is the price including GST?

• 505

• 525

• 50

• 550

Business report GST to the ATO by using which statement

• Business Activity Statement

• Business Asset Statement

• Buying Activity Statement

• Building Asset Statement

Another name for GST collected by businesses is:

• GST payable

• GST credits

GST paid by a business on expenses can be subtracted from GST collected by a business reducing the amount owing to the ATO. This is recorded as:

• GST payable

• GST credits

GST paid by a business on expenses can be subtracted from GST collected by a business reducing the amount owing to the ATO. True or False

• False

• True