1. If a business has an annual turnover over $20 million, what options does it have on how to pay its GST obligations? By what method can it report and pay its GST?
2. Businesses must complete BAS and/or IAS returns in accordance with the current statutory, legislative, regulatory and organisational schedule. How will you know what the schedule for a business is?
3. A business makes payments and reports its obligations under the tax system using activity statements. What are some of the things that can be reported in an activity statement? List six.
4. What are capital assets/ expenses?
5. Can you claim a GST credit for capital acquisitions?
6. What is a GST Reverse charge?
7. Is GST payable to goods imported into Australia?