How is business tax collected?

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.

How is business tax collected?
Type: Theory
Questions: 5
Attempts allowed: Unlimited
Available: Always
Pass rate: 75%
Passed:
  • Fact 16

    The monetary cost of World War II was ten times the cost of World War I. Raising revenue via taxation became a vital part of Australia’s war effort.

Excise

A tax on certain goods produced or manufactured in Australia. These goods include alcohol, tobacco and petroleum. Customs duty at an equivalent rate is levied on imported goods to ensure that these goods are treated consistently with local goods.

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