|
Business tax payments and deductions are a key part of any business.
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 ATO Business website for more information or call 13 28 66. Under PAYG, your tax instalments 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 ATO has a helpful Deductions website.
|
