Corporate Finance and Taxation Services
In Australia, companies with an annual turnover of less than A$10M are defined as small businesses by the Australian government.
At GPA, we are committed to escorting SMEs. If your company's turnover is between A$75,000-A$10M, then you need to pay taxes on a quarterly basis in accordance with the regulations of the Australian Taxation Office.
After your business has obtained an Australian Business Number (ABN) and registered for Goods and Services Tax (GST), the Inland Revenue Department will automatically send you a Business Activity Statement (BAS) when you need to submit it. Most small businesses submit BAS every quarter. Among them, the business activity report provides you with the following information:
GST
Pay as you earn (PAYG) instalment tax
PAYG withholding tax
Other taxes
01
BAS submission
Small business BAS is submitted quarterly, and the submission deadlines are:
The first quarter (July, August, September)-October 28
Second quarter (10, 11, and December)-February 28
The third quarter (1, 2, and March)-April 28
Q4 (April, May, June)-July 28
02
PAYG withholding tax
PAYG withholding wages for small businesses is also submitted quarterly.
New employees of the company must register personal information (for example: name, TFN, birthday, contact number, email address, and address). Be sure to keep correct records.
03
Employee pension
The pension amount of company employees is adjusted annually in proportion to the salary. If the company hires an employee for a long time (whether it is a full-time employee, part-time employee or part-time worker), the employer must pay the employee pension.
04
Annual company tax return
According to the regulations of the Australian Taxation Office, regardless of the company's business status, the company must file an annual tax return. (For more detailed information about corporate tax rates, please refer to the official website of the Australian Taxation Office).
05
Annual company financial report
The company communicates its activities, financial performance and strategy to shareholders and other stakeholders through its annual financial report. The reported information includes: directors' report (including salary report), corporate governance statement, financial report, auditor's financial report, and salary report.