Explaining business taxes
What does GST stand for?
Goods and services tax
What is ABN and what does it do?
The Australian Business Number is a unique identifier issued by the Australian Business Register which is operated by the Australian Taxation Office.
What does BAS stand for?
Business Activity statement
What does GST stand for?
Goods and Services tax
What is marketing?
How much GST does a business need to pay in the price of goods and services it provides?
10%
What is Super?
Superannuation is money for your retirement. It comes from compulsory super contributions that your employer pays into your super fund.
At what percent is GST charged?
10%
What are tax brackets?
the ratio in which a business or a person is taxed
What is disposable income?
What does CGT stand for?
Capital Gain Tax
What is PAYG?
Pay as you go (PAYG) is a withholding tax which requires you to pay incremental amounts
Under what circumstances will the Australian taxation office take firm legal action against taxpayers?
If they are unwilling to work with the ATO
Continually default on agreed arrangements
Do not have the capacity to pay debts
How often are people taxed?
Once a year
What is a market broken down into
What does FBT stand for?
Fringe benefits tax
Why is it important to pay taxes?
It allows the government to have money to pay for the things within our cities
At what percent do all business’ get taxed
27.5%
Why do we get taxed?
Money from taxes go the government to further improve roads, construction, pay the salaries of emergency services and much more
In Marketing, what is Positioning mean ?
1. How consumers perceive the product.
2. How products are viewed on the shelf.
3. Your product compared to your competitors
What is the average tax rate for a business in 2019?
27.5%
Most efficient way of paying Tax?
Online
How long does a business have to keep records?
7 years
What % of tax is on most goods and services?
10% on most goods
What is Market segmentation?
1. Dividing products into distinct groups.
2. Analysing consumer behaviour
3. The process of dividing markets into distinct groups of buyers.