Discover the Ins and Outs of GST in Australia

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Questions and Answers

Which of the following goods and services are exempt from GST in Australia?

  • Food and beverages
  • Medicines and medical services (correct)
  • Electronic goods
  • Transportation services

What is the GST rate in Australia?

  • 15%
  • 5%
  • 10% (correct)
  • 8%

When is a nonprofit organization required to register for GST in Australia?

  • When their annual turnover is $75,000 or more
  • When their annual turnover is $150,000 or more (correct)
  • When their annual turnover is $100,000 or more
  • When their annual turnover is $50,000 or more

Who is required to register for GST within 21 days in Australia?

<p>Any business with an annual turnover of $75,000 or more (D)</p> Signup and view all the answers

What is the purpose of claiming credits for GST in Australia?

<p>To recover the GST paid on goods and services purchased for the business (A)</p> Signup and view all the answers

Which statement is true about claiming GST credits for purchases used for both business and private use?

<p>You can only claim a GST credit for the part of the purchase relating to your intended business use. (B)</p> Signup and view all the answers

Which of the following is true about lodging and paying your Business Activity Statement (BAS) in Australia?

<p>You must lodge and pay your BAS quarterly. (B)</p> Signup and view all the answers

Is it necessary to lodge a nil statement for your Business Activity Statement (BAS) if you have nothing to report?

<p>Yes, you must lodge a nil statement even if you have nothing to report. (B)</p> Signup and view all the answers

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