Completing your tax return

When you say the word 'tax', many people automatically think of what they will do with their potential tax refund. Find out what completing a tax return involves.

Completing your tax return
Type: Theory
Questions: 8
Attempts allowed: Unlimited
Available: Always
Pass rate: 75%
Passed:
  • Fact 20

    In the 1950s, some ATO personnel informally referred to the tax laws as Pig's Stew because they collected Payroll tax, Income tax, Gift duty, Sales tax, Stevedoring industry charge, Tobacco charge, Estate duty and Wool tax.

Business / enterprise

A business is any activity where goods or services are sold with the intention of making a profit. If the activity has not been set up with the aim of making a profit then it is considered to be a hobby. A business does not include:

  • private recreational activities and hobbies
  • activities carried on as an employee, labour hire worker, director or office holder
  • activities carried on by individuals (other than the trustees of charitable funds) or partnerships without a reasonable expectation of profit or gain.
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