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10FNS Business taxation Flashcards | StudBud
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10FNS Business taxation
10FNS Business taxation
30 terms
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StudBud Administration
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A revision of taxation terms used in business
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
How the ATO ensures businesses pay regular tax instalments
quarterly Business Activity Statement
Fringe Benefits tax
Pay as you go taxation
Goods and services tax
2
business structure usually used when a sole trader needs more funding or ideas
franchise
public company
partnership
cooperative
3
business surplus is distributed to members and then member pays tax on all their income earned
company
partnership
trust
cooperative
4
the number by which the ATO and Aust Govt identifies a business
ACCC
ACN
TFN
ABN
5
business structure which has shareholders and whose shares are traded on the stock exchange
public company
trust
private company
cooperative
6
sources where a business can get information about tax
ATO
Accountant
ACCC
Industry Association
7
a business structure where the members all have the same voting rights
cooperative
private company
public company
trust
8
a tax incurred for governments to stamp documents because of change of ownership of an asset
excise duty
Stamp duty
FBT
GST
9
business profits are not taxed as the owner/s pay tax individually
partnership
sole trader
public company
private company
10
business structure with 1-50 owners
private company
public company
cooperative
partnership
11
for a deduction to be allowed to reduce a business's taxable income by the ATO it must be
relating to the costs of operating the business
legitimate income earned by the business
an expense incurred in the operation of the business
any expense the business has paid for
12
business structure with 2-20 owners
partnership
private company
cooperative
public company
13
excise duty is charged on these goods produced in Australia
tobacco
whisky
wine
kerosine
14
A business structure which has shareholders but whose shares are not sold on the stock exchange
public company
private company
partnership
cooperative
15
a tax collected by business on all products/services sold then forwarded to ATO with their BAS
GST
FBT
PAYG
LCT
16
business takes tax from an employee's weekly pay and forwards this tax to ATO with their BAS
GST
LCT
FBT
PAYG
17
allowable deductions for a business
insurance of business premises
CEO's private residence
lease of premises
rent of office space
18
allowable deductions for a business
maintenance cost of CEO's personal BMW
maintenance cost of CEO's BMW_owned and used in the business
wages of employees
salary of CEO
19
business structure which has at least 5 members and is set up for the mutual benefit of members
trust
public company
cooperative
private company
20
the time phase for which you must keep all your tax records
5 years
2 years
3 years
4 years
21
business structure where the owner makes all the decisions and receives all the profits/losses.
public company
private company
partnership
sole trader
22
business pays this tax to import product from overseas
fringe benefits tax
excise duty
airport departure tax
customs duty
23
a business tax obligation which shows taxes collected and paid by a business
fringe benefits taxation
pay as you go taxation
goods and services taxation
business activity statement
24
ACN definition
Australian College of Nursing
Advanced Control Network
Australian Company Number
Australian Communications Network
25
business structure which holds property and investments for the income of a family
cooperative
public company
private company
trust
26
business profits are taxed and tax is paid for by the business
trust
private company
partnership
public company
27
a special nine digit number issued by ASIC
ABN
ACN
TFN
ACCC
28
business profit is distributed to owners then owner pays tax on all their income earned
trust
partnership
company
cooperative
29
business structure with at least 2 owners but can have unlimited number of owners
partnership
public company
private company
cooperative
30
what a company is taxed on
profits
add all revenues and deduct allowable deductions
add most revenues and deduct all expenses
expenses less revenues
