Challenge quiz: Business tax

Challenge quiz rules

  1. Each team chooses a topic and then chooses a question.
  2. Each team must start by answering one 100-point question correctly before moving to the higher point questions.
  3. If a team answers the question correctly, they score the allocated points.
  4. If a team answers the question incorrectly, the next team gets a chance to answer the same question.
  5. 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.
  6. A team must have a total score of 600 before they can attempt to answer a 500-point question.
  7. Your teacher may apply penalties for students who call out answers or interfere with other groups.

Note: Topics 4 and 5 of this 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.

Challenge quiz: Business tax
Type: Theory
Questions: 1
Attempts allowed: Unlimited
Available: Always
Pass rate: 75%
Passed:
  • Fact 6

    'Bottom of the harbour' schemes were a form of tax avoidance used in Australia in the 1970s. The 'harbour' referred to was Sydney Harbour, which was near the financial district. Participation in the schemes was made a criminal offence in 1980.

Allowable deduction

An expense incurred in the course of earning income that can be used to reduce assessable income. Allowable deductions are sometimes simply referred to as deductions.

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