Overview Of Tax Returns In Australia

In Australia, tax returns are generally due on October 31 for the year ending June 30 in the same calendar year. The financial year runs from 1 July to 30 June.

Extensions for due dates are available, especially when tax returns are filed through a tax agent. Tax returns can be submitted by post or electronically using the ATO e-Tax software. You can also hire accountant for tax returns in North Sydney.

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Income tax

Income tax is imposed by the Federal Government in Australia and is consistent in all states. The company must file a corporate tax return.

Corporate income tax is different from your personal income tax, which requires you to file personal returns. The return will show the net profit of the company which is the amount of revenue less allowable deductions.

Statement of Business Activities (BAS)

Businesses with a turnover of more than $ 75,000 p.a. ($ 150,000 for non-profit organizations) are required to send GST returns, commonly called BAS.

The GST system was introduced in Australia in July 2000 by the Howard Government and replaced other taxes such as the state-based sales tax. Revenues from GST are distributed to states to enable the provision of state-based public services such as education.

Fringe Benefit Tax (FBT)

Fringe Benefit Tax (FBT) is tax paid on special benefits received by employees, their partners, from employers in lieu of salary or wages. General examples are: low-interest loans, company cars, etc.

 

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