complete business activity & instalment activity statements

PR Task 8 Select the correct answer: 8.1 Preparing a bank reconciliation for a client is a BAS Service True False 8.2 PAYG Instalments of tax will not be required to be paid on income True False earned by a subcontractor who has entered into a voluntary Jagreement with a business. 8.3 A voluntary agreement cannot take place without the worker having True False an ABN 8.4 The rate of withholding where a business has not provided an ABN True False Jis set at 47% 8.5 To correct an under-claim of input tax credits on a prior BAS you True False would be required to lodge a revised Activity Statement 8.6 If a taxpayer is due for a refund from a BAS it will be payable within True False 14 days of lodgement of the return. 8.7 A charity must register for GST when its turnover exceeds $150,000 True False 8.8 Only businesses registered for GST need an ABN True False 8.9 Only wine producers pay Wine Equalisation Tax True False True False 8.10 A business with an annual turnover of $2.5m can use the cash system of accounting for reporting GST 8.11 The Fringe Benefits tax year is from 1 July to 30 June 8.12 Fringe benefits tax (FBT) must be paid by employers for certain benefits provided to their employees 8.13A GST group is two or more associated business entities that operate as a single business for GST purposes. True False True False True False