Year 11 Business Studies Questionaire

Taxation & On-costs

published on August 29, 201085 responses 0 5.0★ / 5

Taxation can be defined as

The compulsory payment of a proportion of earnings to the federal government
The complusory payment of a proportion of earnings to the local government
Earnings paid to external stakeholders

On-costs account for what percentage of the total remuneration package


Three main on-costs are

Dividens, Sick leave, OH&S requirements
Superannuation, Study leave, Leave Loading
Paternity leave, Compensation, Advertising

What does Superannuation require from all employers

Make bonus payments to employees
Contribute financially to a fund for investment
Contribute financially to a fund for employees retirement

What does superannuation require employers to keep

All related transactions, including payments contributed, payroll and employee records
Documentation of all financial transactions to employees
Records of all financial transactions within the business

An employer is not required to provide superannuation for an employee who is

55 years old
Paid $600 a month
16 years old and working 25 hours a week

What is another term for Sales taxation


What is company tax calculated on

Net profit
Gross Profit

What tax must all employees pay as they earn

Sales tax
Capital gains tax
Group tax

What is the current amount of Leaving Loading

12.2% of Monthly wage
17.5% of four weeks annual leave
21% of an individuals salary