How is business tax collected?

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A business activity statement (BAS) is used by businesses to report and pay tax obligations. Prepare a sample BAS and discuss strategies for keeping business records.

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  • Fact 1

    In 1705, Emperor Peter I of Russia instituted a beard tax. Those who paid the tax were required to carry a 'beard token'. This was a copper or silver token inscribed with 'the tax has been taken' and 'the beard is a superfluous burden'.

Allowable deduction

An expense incurred in the course of earning income that can be used to reduce assessable income. Allowable deductions are sometimes simply referred to as deductions.

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