Tax Tips, ATO accounts : ICA & ITA & Misc Topics (Part 1)
Tax Tips & ATO Accounts Quiz
Test your knowledge on tax tips, deductions, and ATO accounts with this engaging quiz! Discover how to maximize your tax returns while minimizing your obligations.
- Learn about WFH expenses
- Understand negative gearing
- Explore ATO account types
- Enhance your overall tax knowledge
To claim WFH expenses, you should.….......
Have a specific room set aside ideally as your home office
Be tested covid-19 positive anytime in your lifespan
Own the property in your name only
From 2022-23 tax returns, I.e. Starting from 01.07.2022….....
The '52 cents per hour flat rate' method is not available to claim WFH expenses
The '80 cents per hour flat rate' method is not available to claim WFH expenses
The 'actual cost' method is only available to claim WFH expenses
The maximum amount that can be claimed as WFH expenses is….......
$1000
$300
No Maximum
To pay less tax, you should….......
Claim all personal & private expenses in to deductions
Claim only work related or income earning related part of your expense as deduction
Claim the expenses of next financial year in advance
Tax Tips for businesses include….....
Take advantage of SBE concessions & Temporary full expensing rules
Prepaying expenses & including in deductions
Pay superannuation on time
Keep up-to-date records & receipts available
All of the above
If you are an Australian resident and you have to lodge a tax return, you need to declare….....
Income and gains arising outside Australia only
Income and gains arising in Australia only
Your worldwide income
If you receive a bitcoin for goods or services provided (i.e. Your sales as part of a business), you will need to…..
Convert amount into AUD and calculate capital gain on bitcoin received to book in accounts
Record the value of the bitcoins in AUD as your ordinary income for tax purposes for business
Keep the bitcoin as balance in crypto wallet to use to pay for purchases of business without any book entry
What is Negative Gearing?
It is annual rental property profit incurred from maintenance of property
It is a large amount of capital loss incurred on sale of rental property
It is a series of small & annual net rental losses incurred on rental property maintenance
What is ATO Tax account (ITA)?
It deals with the lodgement of tax returns, tax refunds and tax payments.
It deals with reporting GST instalments & payments.
It is an account for taxes other than income tax, such as GST and PAYG.
What is Integrated Client Account (ICA)?
It deals with reporting loans taken by the taxpayer from ATO for higher education.
It is an account for taxes other than income tax, such as GST and PAYG.
IT deals with the lodgement of tax returns, tax refunds and tax payments.
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