GST is usually every three months. The date for lodging and paying is shown on your activity statement. If you are voluntarily registered for GST and you have not made an election to pay GST by installments, you can choose to report and pay and claim GST credits annually. The three ways of reporting and paying GST: 1) Monthly GST reporting is done using your activity statement. ATO also require some other businesses to report monthly . 2) If you are required to, or choose to, lodge your activity statements through the Business Portal, ATO advise you by email when your activity statement is available if ATO have your email address. If you use a paper activity statement, ATO send you the appropriate one before you need to lodge it. 3) About annual reports for PAYG. At the end of each financial year you must lodge a PAYG withholding annual report. The report must include: all payments you made to payees during the financial year the amounts you withheld from those payments. A company is a legal entity with higher set-up and administration costs. Companies also have additional reporting requirements. A company is run by its directors and owned by its shareholders. While a company provides some asset protection, its directors can be legally liable for their actions and, in some cases, the debts of the company. Companies are regulated by the Australian Securities & Investments Commission (ASIC). must apply for a tax file number (TFN) and use it when lodging its annual tax return is entitled to an Australian business number (ABN) if it is registered under the Corporations Act 2001. A company not registered under the Corporations law may register for an ABN if it is carrying on an enterprise in Australia must be registered for GST if its annual GST turnover is $75,000 or more owns the money that the business earns - the individuals who control the business cannot take money out of the business, except as a formal distribution of the profits or wages must lodge an annual company tax return usually pays its income tax by instalments through the pay as you go (PAYG) instalments system pays tax at the company tax rate or lower company tax rate (if a base rate entity)
may be eligible for small business concessions must pay super guarantee contributions (SGC) for any eligible workers. This includes you, if you are a director of the company, and any other company directors. There are changes to the company tax rates. The full company tax rate is 30% and the lower company tax rate is 27.5%. This page shows when to apply the lower rate and how to work out franking credits. Company tax rates apply to: companies corporate unit trusts public trading trusts. The full company tax rate of 30% applies to all companies that are not eligible for the lower company tax rate. Eligibility for the lower company tax rate depends on whether you are a: base rate entity from the 2017–18 income year small business entity for the 2015–16 and 2016–17 income years.
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- Spring '20
- Balance Sheet, Business Activity Statement, Taxation in Australia, Australian Tax Office