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Under tax law, a person who carries on a business must keep records to explain all the business’s transactions and related activities. Generally, these records must be kept for five years. Businesses need to keep a record of all transactions so that they can: prepare business activity statements (BAS) prepare an annual tax return meet other tax obligations run a successful business. General income tax records Bank statements…

For this task, you will need to access ATO’s record-keeping evaluation tool. Scenario John Jones is a sole trader who owns a T-shirt printing business. He is registered for GST and PAYG withholding and has 4 employees, all of whom are eligible for the superannuation guarantee. John has a graphic design background and is not very good at the financial side of his business. He keeps all of his bank statements and his quarterly BASs. John…

Record-keeping evaluation tool   Linked activity: Tax and financial record keeping  

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You can apply for an ABN online through the Australian Business Register. For this activity you will complete a simulated online ABN application. Open the simulated online ABN application and complete the form using the following information for each page. Important information The online application begins by providing you with important information. Read this information about your responsibilities in applying for an ABN and Confirm…

Consider the following questions as you analyse each source for its reliability. Table 1: Focus questions Identification - What is the source? Attribution - Who produced the source and why? Close reading – Reading between the lines Evaluation – An assessment of reliability What type of source is it? Who created the source? When was is created? What and/or who does the source describe or…