Types of taxes
That is the tax for buying goods and services?
GST
What does the Gov use taxes for?
To build more facilities and recriational centres.
When do you pay for GST?
You pay the GST when you buy the good/services.
False, you need to pay tax.
What if you dont pay your tax on time?
They will automatically add a general interest charge (GIC) to what you owe.
What is the tax from gross incomes?
Income tax.
What type of tax is LCT?
Luxury car tax, it is applied to buisness who imports/sells luxury cars. Cars that surpassess a certain threshold is required to pay LCT, it is an rate of 33%.
When to pay your tax return?
On 31 October each year, if it lands on a weekend, the date is moved to the next buisness day (monday).
It is safer to lodge your tax returns online rather than emailing it physically.
True, it makes it easierand safer to lodge your tax online.
How long do you keep recipts for?
It is required to keep them for 5 years from the date you lodge your tax return.
What tax is required to pay when you own land?
Land tax.
What are payroll taxes?
The calculated percentage of total wages you pay employees each month. The state or territory that your employees are located in collects the tax.
When do you start paying intrest rates for borrowing from the bank?
On the last day of your statement period.The last day of the billing cycle, that is generally occurs 20–25 days before you owe your payment.
If you dont have TFN, you loose 50% of all your income.
True, you loose 50% of your income becuase you dont have a TFN (tax finance number).
Does the airline Qantas pay taxes?
False, it is because they carried forward tax losses that built up through the pandemic.
What tax is applied when you sell an asset with an increased value?
Capital gains tax (CGT)
What are the 3 things that the Capital Gains Tax is applied to?
They are Shares, Property and Units in a unit trust.
What is the maximum you can earn before you start paying taxes?
It is $18,200. Any higher and your payer will start withholding tax.
Clubs are generally taxed higher rates than hotels when paying gambilng and betting tax
false, clubs are generally taxed less for gambling and betting tax.
What is the tax rate if your income was $180,001 and over? (in Australia)
45% tax rate
What type of tax hotels and clubs need to pay if they operate gambling and betting mashines?
Gambling and betting tax.
List the 5 things that the GOV use the tax for.
They are; healthcare education defence roads and railways payments for welfare, disaster relief and pensions.
What is the intrest rates for borrowing banks when you have a excellent credit and if you have a poor credit rate?
Excellent rating - 12.35% and poor rating is over 30% intrest rates.
The tax return dead line is on october the 30 and it cant be changed even on a weekend.
The first $18,500 you earn as an Australian is tax free, anymore and it will be taxed.
False, the first $18,200 is tax free.