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Posted by aaeesha on October 29th Wholesale NBA Jerseys China , 2015


Most countries including Australia have imposed tax regulations for both individuals and registered companies. Both corporations and registered companies are liable to file business tax returns. A company includes corporations governed by law outside Australia and entities registered as companies in Australia. The companies are broadly classified into residential and non-residential company. The company tax is collected and handled by the Australian Taxation Office. Taxes are paid in various forms such as Company Tax, Goods and Service Tax Wholesale NBA Jerseys , Payroll Tax and Capital Gains Tax.


All companies have to lodge business tax returns every year to the ATO. The financial year ends in Australia on 30th of June every year. The due date for the lodgment of company tax returns is 31st October. This can be done quickly online or through registered tax agents. CompanyIncome Tax is the most common form of tax paid by a company. A resident company has to pay tax as set by the Australian Taxation Office for all income it generated the previous year. A non-resident company only pays for the income generated within Australia with the tax rates being the same.


Business tax returns have to be lodged irrespective of whether the company is liable to pay tax or not. Good and Service Tax is levied based on the goods sold or consumed within the country and service provided to customers. Capital Gains Tax is paid for all income gained through sale or transfer of assets. A non-resident company has to pay tax for any land acquisition during the period to carry out business in Australia. Payroll taxes are paid to the state based on the wages paid to its employees. The tax rates are fixed by the states and hence vary depending on the region.


The tax can be paid monthly, quarterly or annually as decided by the company. Companies are also eligible for concessions on the tax paid as per company tax returns lodged to Australian Taxation Office. The exemptions depend on the size and type of the company. A company with revenue of less than 2 million dollars is considered to be a small business company. Tax exemptions also vary depending on whether it is individually owned or run by corporations. Tax agents can help a company decide on how to lodge business tax returns and make payments. Schulz Hobbs is one of the well-known accounting firms in Australia providing professional service on taxation to both small and large companies.




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