You can complete the following table making sure all relevant detail has been included for your answer

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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.