Which of the Following Legal Requirements Is Not a Prerequisite

question 33

Multiple Choice

Which of the following legal requirements is not a prerequisite for the collection of GST from a business?

• A)A business must register for GST.
• B)A business must withhold PAYG instalments of 10%.
• C)A business must have an Australian Business Number or 'ABN'.
• D)A business must lodge activity statements with the ATO.

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Definitions:

Estimated Useful Life

The expected period over which an asset is anticipated to be usable by a company.

Obsolescence

The process of an asset, product, or technology becoming outdated or no longer used, often due to advancements in technology or changes in consumer preferences.

Useful Life

The estimated duration that an asset is expected to be functional and economically feasible for use in operations, affecting depreciation calculations.

Outdated

Refers to information, technology, or methods that are no longer current, useful, or in use.