There are a number of different taxes that can apply to your business, depending on your location and business activity.Capital Gains Tax Capital Gains Tax (CGT) is the tax that you pay on any capital gain you include on your annual income tax return. Excise duties Excise duty is a tax levied on certain types of goods produced or manufactured in Australia. Fringe Benefits Tax Fringe Benefits Tax (FBT) is a tax payable by employers for benefits paid to an employee or the employee's associate. Goods & Services Tax The Goods and Services Tax (GST) is a broad-based tax of 10 per cent on the sale of most goods and services and other things in Australia. Income tax for business Federal income tax is levied on the taxable income of a person or a business. International tax Residents and non-residents have different tax rates, which is why you need to find out what international tax obligations apply to you. Land tax Land tax is an annual state government tax payable by the owner of land. Pay As You Go (PAYG) withholding Pay As You Go (PAYG) withholding is a legal requirement to withhold amounts for income tax purposes. Pay-roll tax Pay-roll tax is a state tax on the wages paid by employers. It is calculated on the amount of wages you pay per month. Rates Rates are property taxes charged by local government on properties in their municipal area. Stamp duty State and territory governments impose taxes on a range of paper and electronic transactions. Tax concessions for small business entities From 1 July 2007 eligible small business entities can access a number of tax concessions.
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