Australia’s growth and prosperity after World War II meant that, in 1959, the ATO collected £823.37 million in revenue - more than double the amount collected in 1949.
Step 1 of 1
Challenge quiz rules
- Each team chooses a topic and then chooses a question.
- Each team must start by answering one 100-point question correctly before moving to the higher point questions.
- If a team answers the question correctly, they score the allocated points.
- If a team answers the question incorrectly, the next team gets a chance to answer the same question.
- A team has one minute to answer the question. The team can use that time to consult and agree on a response before the nominated member provides the answer.
- A team must have a total score of 600 before they can attempt to answer a 500-point question.
- Your teacher may apply penalties for students who call out answers or interfere with other groups.
Note: The topics 4 and 5 of the module, Explaining business taxes and The goods and services tax (GST), are covered in part 4 of the Challenge quiz under the combined topic of Business tax.
The quiz can be played by asking the following questions or by playing the Business challenge quiz online.
|
Points |
1 What is a business? |
|
100 |
What is a business? |
|
200 |
How does a hobby differ from a business? |
|
300 |
What is an Australian business number (ABN)? |
|
400 |
List three sections that should be included in a business plan. |
|
500 |
What might happen if a business does not have an ABN? |
|
Points |
2 Business structures |
|
100 |
What is a sole trader? |
|
200 |
How are the profits made by a partnership shared? |
|
300 |
What is meant by the term 'limited liability' in relation to companies? |
|
400 |
How is income tax levied on the profit made by a sole trader? |
|
500 |
What is an essential difference in ownership structure between a sole trader business and a company? |
|
Points |
3 Running a business: tax obligations |
|
100 |
What is PAYG withholding? |
|
200 |
What factors are taken into account when deciding the amount of tax to withhold? (PAYG withholding) |
|
300 |
What is the minimum rate that employers must contribute in superannuation for their eligible employees? |
|
400 |
Identify three pieces of information that will be included on a payment summary. |
|
500 |
List two things a business must do when it ceases trading or has been sold. |
|
Points |
4 Explaining business taxes |
|
100 |
At what rate is GST charged in Australia? |
|
200 |
Name three items that attract excise duty. |
|
300 |
List two features of company tax. |
|
400 |
Above what level of sales revenue must a business register for GST? |
|
500 |
Can a company claim the 50% discount on the capital gains tax paid on the profit from the sale of a CGT asset? |
|
Points |
5 How is business tax collected? |
|
100 |
What is a business activity statement? |
|
200 |
Name two taxes a business will report on an activity statement. |
|
300 |
Under taxation law, how long must a business generally keep its records? |
|
400 |
Outline four records that a business may need to keep. |
|
500 |
List three things a business document must include for it to be acceptable as evidence for tax purposes. |
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Fact 19
Default fund
The super fund an individual's employer pays their super guarantee payments into if they do not nominate a specific super fund.
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