Question 1 Briefly discusses each main taxation and superannuation obligation.

Goods and Services Tax (GST)

Pay As You Go (PAYG)

Fringe Benefits Tax (FBT)

Superannuation Guarantee

Question 2 What is the current company tax rate for both smaller and larger businesses?

Question 3 What is the penalty rate to be applied if a supplier does not provide an ABN?

Question 4 What is the standard rate of GST in Australia?

Question 5 List six items that do not attract GST.

Question 6 What information must be included on a tax invoice for sales of $1.00 or more?

Question 7 Under tax law, for how long must businesses keep their records?

Question 8 Who must have their financial report audited?

Question 9 Do some research and briefly discuss the following codes of practice and a few of their man features.

ePayments Code

APES 110 Code of Ethics

Question 10 Describe the following techniques used for budget forecasting.

Real-time projections

Multiple scenarios

Question 11 Discuss the technique of analyzing a budget once a certain period's figures have been prepared.

Question 12 When deducting a business expense, explain how this is done when using the cash accounting method.

Question 13 When deducting a business expense, explain how this is done using an accrual accounting method.

Question 14 What are the two methods you can use to depreciate assets?

Question 15 Briefly describe the prime cost (straight line) method of depreciation.

Question 16 Briefly describe the diminishing balance method.

Question 17 What does the 'cost' of an asset include?

Question 18

a)Briefly discuss deductions a business can claim.

b)Provide two examples of deductions a business may not claim.

Question 19 Briefly discuss the rules surrounding donations as a deduction.