Task B1.1 Assessable income

There are 13 questions in this activity.

First, review your existing knowledge by answering two questions.

Task B1.1 Assessable income
Type: Mixed
Questions: 15
Attempts allowed: Unlimited
Available: Always
Pass rate: 75%
Passed:
  • Fact 11

    The first new tax introduced after Federation was the Bank Notes Tax Act 1910 which introduced an Australian currency. It imposed a 10% tax on bank notes that had been previously issued privately. The new national currency first appeared in December 1910.

Refund

An amount paid back by the ATO to a taxpayer when the taxpayer has paid more tax than they are liable to pay.

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