Please help me with these questions. Thank you!
Q1. When does a business need to register for GST? Group of answer choices A. GST registration is required for an 'enterprise' which makes supplies as part of its business for consideration, with a turnover of more than $75,000. B. Under the legislation, registration is optional, but worthwhile because a business can retrieve some of the GST that it pays if registered. C.Only commercial for profit enterprises' are required to register, charities are exempt. D. Every business that provides goods and services is required to register for GST. Q2. In order to qualify for the small business CGT concessions, one of the basic conditions is that the entity must be a 'small business entity' (SBE). A SBE under these rules includes which of the following? Group of answer choices A. an individual, partnership, company or trust that is carrying on a business and has an aggregated turnover of less than $2 million or the total net value of CGT assets owned by the business and certain entities does not exceed $6 million. B. a business whose total net value of CGT assets owned by the business and certain entities does not exceed $6 million. C. any individual, partnership, company or trust that is carrying on a business. D. a business that has an aggregated turnover of less than $2 million Q3. Rose was the daughter of a race car driver, Siva. Unfortunately, Rose did not have the same passion for cars that her father did. Following her daughter Mattea's formal, Rose had the great idea for a business opportunity after being laid off from her job at the Tax Office. She began leasing limousines, and using them to transport people from one party venue to the next, getting regular work 6 days a week. As demand for her services grew, Rose decided to upgrade one of her limousines to a larger one. With the approval of the lessor, an old limousine was sold for a price greater than what was needed to pay out the lessor. This was expected by Rose. In accordance with the lessor's normal practice, Rose was allowed to keep the excess. Is Rose carrying on a business, and if so, is the excess amount ordinary income? Group of answer choices A. Rose is 'carrying on' a business, and the excess is ordinary income. B. No, it can't be income as Rose is not 'carrying out' a business. C. Rose is 'carrying out' a business, but the excess is not ordinary income. D. None of the above Q4. Which of the following applies to businesses carried on through a company structure? 1. must apply for a tax file number (TFN) and use it when lodging its annual tax return. 2.must lodge an annual company tax return. 3.usually pays its income tax by instalments through the pay as you go (PAYG) instalments system. 4.pays tax at the company tax rate or lower company tax rate (if a base rate entity). Group of answer choices A.1,2,3,4 B.1,2,3 C-2,3,4 D.1,2,4
