You can complete the following table making sure all relevant detail has been included for your answer to be graded as adequate and satisfactory Please delete it after you complete each section and before pasting the completed table into your assessment document ready for submission Term Definition and adequate explanation Income Tax Include definitions and explanations of both PAYG income tax systems used in Australia Explain PAYG Withholding How does it work Who is responsible to pay it and for whom Explain the 3 factors used to calculate how much PAYG should be withheld from employee's wages Explain the use of the BAS and STP as part of your response Will PAYG Withholding be relevant to your business Explain why why not Explain PAYG Instalments How does it work Who pays it Why is it used Will PAYG Instalments be relevant to your business Explain why why not You must refer to your business structure when explaining this FBT What is FBT Give a definition Give some relevant examples of possible Fringe Benefits for a hospitality business Who pays the FBT Explain how FBT is reported and paid to the ATO be sure to include reference to the BAS Will FBT be relevant to your specific business Explain why why not GST What is GST Give a definition What is the GST threshold before a business must register into the GST system How much is the GST ( ) How is it collected from the customer Explain tax credits and their impact on the amount of GST owed to the ATO How is the GST that is owed by the business paid to the ATO (name the document) How often is the GST paid to the ATO by the business Is GST relevant to your business Explain why why not Payroll Tax What is Payroll tax Give a definition What is the NSW wages threshold before the tax applies What is the NSW payroll tax Is Payroll tax relevant to your specific business Explain why why not CGT What is Capital Gain Tax Give a definition Explain briefly how the Capital Gain system works Is Capital Gain tax relevant to your business Explain why why not

Question: You can complete the following table making sure all relevant detail has been included for your answer to be graded as adequate and satisfactory. Please

You can complete the following table making sure all relevant detail has been included for your answer to be graded as adequate and satisfactory.

Please delete it after you complete each section and before pasting the completed table into your assessment document ready for submission.

Term	Definition and adequate explanation
Income Tax	Include definitions and explanations of both PAYG income tax systems used in Australia: Explain PAYG Withholding. How does it work? Who is responsible to pay it and for whom? Explain the 3 factors used to calculate how much PAYG should be withheld from employee's wages. Explain the use of the BAS and STP as part of your response Will PAYG Withholding be relevant to your business? Explain why/why not. Explain PAYG Instalments. How does it work? Who pays it? Why is it used? Will PAYG Instalments be relevant to your business? Explain why/why not. You must refer to your business structure when explaining this.
FBT	What is FBT? Give a definition. Give some relevant examples of possible Fringe Benefits for a hospitality business. Who pays the FBT? Explain how FBT is reported and paid to the ATO - be sure to include reference to the BAS. Will FBT be relevant to your specific business? Explain why/why not.
GST	What is GST? Give a definition. What is the GST threshold before a business must register into the GST system? How much is the GST (%)? How is it collected from the customer? Explain tax credits and their impact on the amount of GST owed to the ATO. How is the GST that is owed by the business paid to the ATO (name the document)? How often is the GST paid to the ATO by the business? Is GST relevant to your business? Explain why/why not.
Payroll Tax	What is Payroll tax? Give a definition. What is the NSW wages threshold before the tax applies? What is the NSW payroll tax %? Is Payroll tax relevant to your specific business? Explain why/why not.
CGT	What is Capital Gain Tax? Give a definition. Explain briefly how the Capital Gain system works. Is Capital Gain tax relevant to your business? Explain why/why not.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Term Definition and adequate explanation Income Tax PAYG Withholding PAYG Withholding stands for Pay As You Go Withholding and is a system used in Australia to collect income tax from employees wages ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Law Questions!

List three specific parts of the Case Guide, Objectives and Strategy Section (See below) that you had the most difficulty understanding. Describe your current understanding of these parts. Provide...

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

Let A, B be sets. Define: (a) the Cartesian product (A B) (b) the set of relations R between A and B (c) the identity relation A on the set A [3 marks] Suppose S, T are relations between A and B, and...

Comply with Regulations SITXGLC001 - Assessments 1 Taxation You can complete the following table making sure all relevant detail has been included for your answer to be graded as adequate and...

Instructions to the Candidates This assessment is to be completed according to the instructions given below in this document. Should you not answer the tasks correctly, you will be given feedback on...

PROJ ECT/ASSIG N M ENT ACTIVITY Instructions for; Assessor The Learner must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this...

please help me solve all of these questions! the 1st two pictures ks what the whole assognment is based off of! thanks so much Phoenix Company's 2019 master budget included the following fixed budget...

can anyone help me with my assignment, which is consist part 1 and 2. but i already done the part 1 and now i need someone to settle this out. here i attach the question including my answer for part...

PLEASE ANSWER ALL BLANK TEXT FIELDS ntegrative Exercise Relevant Analysis, Cost-Based Pricing, Cost Behavior, and Net Present Value Analysis for Superior Stay Resorts Special-Order Offer Relevant...

Background Information Your audit firm, Hawk & Soar, PLLC, has been engaged to perform the annual audit of TealDeal, Inc. The Company manufactures and sells board shorts, t-shirts, and visors with...

Daren has been retained by the defendants, as an expert witness in a recent fraud case. He will be providing information concerning the defendants activities, explaining why the defendants activities...

Ben Franklin, Inc. (BFI) is a C Corporation that was incorporated in 2018 and manufactures bifocal lenses. BFI is located in California. BFI is owned equally by Ben and his two kids: George and...

Good morning. It sounds like you have a lot on your plate today. I appreciate your proactive approach in assessing your commitments and prioritizing tasks. Let s discuss how we can balance these...

(b) Assuming E = EO, find the maximum displacement current density in the wire, and compare with 1he result of part (a). (c) At what frequency f would the maximum conduction and displacement...

A system consists of three particles A, B, and C. We know that mA = 3 kg, mB = 2 kg, and mC = 4 kg and that the velocities of the particles expressed in m/s are, respectively, vA = 4i + 2j + 2k, vB =...

When the power to an electric motor is turned on the motor reaches its rated speed of 2400 rpm in 4s, and when the power is turned off the motor coasts to rest in 40s. Assuming uniformly accelerated...

In what way could African slaves maintain a degree of control over their situation as salves and their being forced to live a foreign culture?

By driving a truck over a scale, it was determined that the loads on the front and rear axles are 18 kN and 12 kN, respectively, when the truck is empty. Determine the weight and the location of the...

How Policies and Procedures Facilitate Good Strategy Execution Read the overview below and complete the activities that follow. A company's policies and procedures can either support or hinder good...

The following data were included in a recent Apple Inc. annual report ($ in millions): Required: 1. Compute Apple's fixed asset turnover ratio for 2007, 2008, and 2009. 2. How might a financial...

Comparing Companies within an Industry Refer to the financial statements of American Eagle Outfitters in Appendix B, Urban Outfitters in Appendix C, and the Industry Ratio Report in Appendix D at the...

At December 31, 2011, the records of Duo Corporation provided the following selected and incomplete data: Common stock (par $1; no changes during the year). Shares authorized, 5,000,000. Shares...

How might Freud and Rogers differ in their explanations of how the environment influences the development of a criminal?

In general, neo-Freudians such as Adler and Horney accepted many of Freuds views but placed more emphasis than he did on development throughout the life span. the collective unconscious. the role of...

Individualist cultures tend to value _______; collectivist cultures tend to value _______. interdependence; independence independence; interdependence solidarity; uniqueness duty; fulfillment