1) A business course, offered by a college located in Melbourne, leading to a Bachelor of Business Management. The course cost is $5,000 comprising $3,000 for course fees and $2,000 for accommodation and meals.

Select one:

a. GST is payable only on the business course

b. The fee for the course is GST free however GST is payable on the accommodation and meals

c. Accommodation, meals and the business course are all GST free.

d. Accommodation and meals are GST free, but GST is payable on the business course

2) Purchase of a photocopier and fax machine of $3000 (GST inclusive) for use in a Law Practice Firm. How much GST is included in this price?

Select one:

a. $272.73

b. $300

c. $3300

d. $3272.73

3) A wholesale business in Australia sold goods at a price of $55,000 to a manufacturer in Thailand. How much GST is included in this amount?

Select one:

a. $5500

b. $4500

c. No GST

d. $5000

4) A lawyer who runs his own practice and reports income tax on a cash basis, purchase office equipment costing $6000. He has received the office equipment along with a tax invoice in April and he made the payment in June. In which month he should claim any input tax credit?

Select one:

a. June

b. August

c. May

d. July

5) A principal place of residence sold for $520,000. How much GST is payable on this transaction?

Select one:

a. No GST

b. $47273

c. $52000

d. $520

6) You are operating a small business with a current annual turnover of $50,000. You have registered your business for GST. As you are going through your transaction records, you have identified that this year you have paid $5,000 GST when you made purchases. What would be your entitlement for input tax credits?

Select one:

a. No input tax credit available as the business is not registered for GST

b. $5000 input tax credit available

c. $55,500 input tax credit available

d. None of the answers are correct

7) A warehouse, with an annual turnover of $19 million, purchases raw materials costing $75,000. A tax invoice is issued in January, the materials are delivered in June and payment takes place in July. Indicate which month the business should claim any GST tax credits?

Select one:

a. March

b. January

c. April

d. February

8) A manufacturing company, with an annual turnover of $150 million, receives a deposit of $30,000 for goods costing $250,000. The deposit is received on 30 June, the goods and tax invoice are delivered in September and the balance of the purchase price will be received in October. In which month GST should be paid?

Select one:

a. November

b. September

c. June

d. October

9) An entity with a good compliance history and a yearly turnover of $110,000 may complete and lodge a GST return

Select one:

a. Quarterly

b. Yearly

c. Weekly

d. Monthly

10) Which of the following things you must do to report GST in the BAS (Business Activity Statement)?

Select one:

a. Keep a record of your sales and purchases

b. Work out if the goods or services you sell are subject to GST

c. Put aside any GST collected so you can pay it when it's due

d. All of the above