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Part 1: Identifying allowable deductionsRead the list of items below. Indicate whether you think each item of expenditure is deductible or not. Refer to An introduction to tax returns - Explainer. Income or money receivedIs it assessable income? Y/NThe bus fares to and from work. yes noA $100 donation to the Red Cross. yes noThe amount paid to your tax agent for preparing your tax return. yes noThe cost of taking a taxi to work because your…

  Linked activities: Preparing and lodging a tax return Using a SWOT analysis to make a business decision

  Linked activities: What happens after I lodge my tax return? (AC v9.0) Using a SWOT analysis to make a business decision (AC v8.4)

Write answers to the following frequently asked questions: How long does it take to process a tax return? What is a notice of assessment and where do I find it? How will I know if I will get a refund or owe tax? If I owe tax, when will I have to pay it? How can I pay tax I owe? What happens if I don’t pay on time? What can I do if I can’t afford to pay the tax I owe on time? How long do I have to keep my tax…

Businesses, including sole traders, have a key role to play in Australia’s taxation system. They collect tax on sales, withhold personal income tax on behalf of their employees and pay instalments towards their own income tax and if they are companies, they pay tax on their profits. Collectively, these taxes represent the largest share of the government’s revenue (83%). Most businesses have a responsibility to pay and report income taxes and…

Goods and services taxHow to you pay it?The goods and services tax (GST) is a broad-based tax of 10% on most goods and services sold or consumed in Australia.When you buy goods or services, the GST is included in the price. Most receipts will tell you how much GST you paid.How is it calculated?You can calculate the GST you paid by dividing the total amount by 11. For example:$141.90 ÷ 11 = $12.90If you are a business owner who is registered for…

Part 1: Calculating GST Calculate the GST paid by customers on the following items. This grocery list does not include basic or fresh food, as these items are GST-free. You can use the GST calculator if you want. Item Amount paid (includes GST) GST paid Dog food $5.80 Cleaning sponges $2.50 Frozen pizza $5.90…

Who provides the services you use? All 3 levels of government in Australia work together to provide Australians with the goods and services they need. Although some responsibilities of the 3 levels of government overlap, table 1 shows that each level provides different services to Australians. Table 1: Services provided by the 3 levels of government Australian Government State or territory governments Local councils…