Task C1.3 About ABNs

Task C1.3 About ABNs
Type: Theory
Questions: 1
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.

Self-assessment

Australia's tax system works on self-assessment. When a taxpayer completes their income tax return, they must show all of their income and only claim allowable deductions and tax offsets to which they are entitled. The ATO issues a notice of assessment based on the information provided in the tax return.

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