GST ACTS

Question 1

What is GST ACT 1999

Answer 1

Established a tax of 10% on goods and services.

Answer 2

For sole trader and partnerships they need to make 75000. Once registred they must claim gst credits via BAS.

Question 3

Business Names Registration Act 2011 (Cth)

Answer 3

Any business that operates under a name other than the owner’s own name must register that business name.
This ensures that business names are unique and not misleading.
Registration provides legal protection for the business name and aids in consumer transparency.

Question 4

PARTNERSHIP ACT 1895

Answer 4

The Partnership Act 1895 (WA) governs the formation, operation, and dissolution of partnerships in Western Australia

Question 5

BANRUPT ACT 1966

Answer 5

Upon being declared bankrupt, an individual’s assets may be liquidated to repay creditors, and they face restrictions on borrowing and company directorship during the bankruptcy period, typically three years.

Question 6

Purpose of trial balances

Answer 6

The purpose of preparing a trial balance is to verify that the total debits equal the total credits in the ledger, ensuring the accuracy of the bookkeeping entries before preparing financial statements.

Question 7

Errors disclosed in a trial balance?

Answer 7

Errors disclosed in a trial balance typically include discrepancies where total debits do not equal total credits, indicating potential mistakes such as omitted entries, double entries, transposed figures, or errors in ledger posting.

Question 8

Errors not disclosed in a trial balance?

Answer 8

include errors of omission, errors of commission, compensating errors, errors of principle, and errors of original entry