Quick tax test: Business tax

Question 1 of 25

A business is defined as an activity where:

a. goods are sold from a store or online

b. services like lawn mowing are carried out

c. a person sets up an activity to sell goods or services to make a profit

d. two partners set up a business to repair motor vehicles.

  • Fact 17

    The opportunity to pay income tax in instalments, rather than once per year, was introduced in 1941.

Sole trader

A person who owns and operates a business for themselves.

read more glossary terms