Business Taxation

Taxes, taxes, taxes

Some general taxes you will need to know about and pay for.

Goods and Services Tax (GST)

If you turn over more than $50,000p.a. you must register for GST. You can also register if turnover is less than $50,000.

Pay as you Go (PAYG)

Visit the Australian Taxation Office (ATO) Business website for more information or call 13 28 66. Under PAYG, your tax installments are based on current income and are usually paid after you are paid, either monthly or quarterly.

Payroll tax

You have to pay payroll tax if your total yearly wages bill is more then $1,000,000.

Fringe Benefits Tax (FBT)

A fringe benefit is a ‘payment’ to an employee that isn’t salary or wages, like a car club membership. The best way to work out if something is a fringe benefit is to ask yourself, ‘Would I have provided the benefit if the person had not been an employee’.

What deductions can you claim?

For the ultimate final say on what you can and cannot claim, the Australian Taxation Office (ATO) has a helpful Deductions website.

Any advice in this communication has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on any advice in this communication consider whether it is appropriate to your objectives, financial situation and needs.

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