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Tax Calculator
Financial
General
GST
Tax return
100
Kelly went to the candy shop, she bought lollipop for only $2.95 how much GST did she pay?
Before GST- $2.68 GST Amount - 0.27c
100
Describe the financial year
In Australia, a "financial year" (FY) starts on 1 July and ends on the next 30 June. Financial years are designated by the calendar year of the second half of the period. ... All entities within the one group must use the same financial year
100
When can you claim your Tax?
Anywhere between June 30 and October 31st
100
What is GST?
Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia.
100
What is tax return?
a form on which a taxpayer makes an annual statement of income and personal circumstances, used by the tax authorities to assess liability for tax.
200
Courtney bought a car valued at $10,400 (Not including GST) how much GST will she have to pay?
Price after GST- $11,440 GST amount- $1040
200
Business Finance vs. Personal Finance: What's the Difference?
Business finance refers to the finances of organizations- companies, government agencies, and institutions such as hospitals. It addresses issues such as revenue, expenses and profit assets, liabilities, cash flows and net worth; and within assets and liabilities, cash, equities and debt. Personal finance deals with similar parameters, but applied to an individual’s financial position. Key issues include an individual’s assets, liabilities, and net worth. Asset mix, such as equities, bonds, cash, and real estate and retirement planning
200
Who can claim Tax?
If you’re an individual, small business owner or self-managed super fund (SMSF) trustee
200
Sally bought a pair of shoes valued at $300, Calculate the final price including the GST
Price after GST - $330 GST amount - $30
200
Where can you claim your tax return?
You can claim your Tax return online mygov.com or by a specialist
300
Sydney earns $11/hr and works 10 hrs/wk how much will she earn per week and should she be paying tax?
Sydney would be earning $110/wk and should not be paying tax
300
Where can you get more information about your personal and/or business finances?
Australia.gov website
300
What is Tax?
A compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions.
300
An electrician’s bill for doing some electrical work was $357, including GST. How much GST did he pay?
Price before GST- $324.55 GST amount- $32.45
300
What happens if your tax return is late?
The late filing penalty is 5% of the additional taxes owed amount for every month (or fraction thereof) your return is late, up to a maximum of 25%. If you file more than 60 days after the due date, the minimum penalty is $205 or 100% of your unpaid tax
400
Joe bought a pizza for $12 he ask for extra toppings which added another $5 how much GST did he pay
PIZZA before GST - $10.91 GST amount - $1.09 EXTRA TOPPINGS Before GST - $4.55 GST amount - 45 c
400
What is a financial statement?
Financial statements is a formal record of the financial activities and position of a business, person, or other entity. ... A balance sheet or statement of financial position, reports on a company's assets, liabilities, and owners equity at a given point in time.
400
What is Tax fraud?
Tax fraud occurs when an individual or business entity willfully and intentionally falsifies information on a tax return in order to limit the amount of tax liability. Tax fraud essentially entails cheating on a tax return in an attempt to avoid paying the entire tax obligation.
400
Jack's bike cost $275, (including GST) how much GST did he pay?
Price before GST- $250 GST amount- $25
400
What is a tax file number used for?
Your tax file number (TFN) is your personal reference number in the tax and super systems. Your TFN is an important part of your tax and super records as well as your identity, so keep it secure.