GST and tax basics quiz (Australia)

All 10 questions and answers

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1. What is the GST rate in Australia?
   • 12.5%
   • 15%
   • 10%
   • 5%
   Show answer

   10%. GST has been 10% since it began in 2000.

2. A price of $110 includes GST. How much is the GST?
   • $1
   • $12
   • $11
   • $10
   Show answer

   $10. Divide by 11: $110 ÷ 11 = $10.

3. When does the Australian financial year start?
   • 1 July
   • 1 January
   • 31 October
   • 1 April
   Show answer

   1 July. It runs from 1 July to 30 June.

4. If you lodge your own tax return, what is the usual deadline?
   • 1 July
   • 30 June
   • 31 December
   • 31 October
   Show answer

   31 October. Tax agents can often lodge later.

5. What is the tax-free threshold for Australian residents?
   • $25,000
   • $10,000
   • $18,200
   • $45,000
   Show answer

   $18,200. Income up to $18,200 is tax-free for most residents.

6. At what annual turnover must a business usually register for GST?
   • $150,000
   • $20,000
   • $50,000
   • $75,000
   Show answer

   $75,000. Non-profits have a $150,000 threshold.

7. What does TFN stand for?
   • Tax file number
   • Treasury file name
   • Taxable funds note
   • Total financial number
   Show answer

   Tax file number. Keep your TFN private.

8. Which of these is usually GST-free?
   • Soft drinks
   • Takeaway coffee
   • Fresh fruit and vegetables
   • Restaurant meals
   Show answer

   Fresh fruit and vegetables. Most basic fresh food is GST-free.

9. What is the standard Medicare levy?
   • 2% of taxable income
   • 10%
   • 1%
   • 5%
   Show answer

   2% of taxable income. Some people are exempt or pay less.

10. Which agency collects most federal taxes in Australia?
    • The RBA
    • The ATO
    • Centrelink
    • ASIC
    Show answer

    The ATO. The Australian Taxation Office.