Australia’s GST rate is 10%. GST-registered businesses add this to the prices they charge, collect it on the government’s behalf, then pay it to the Australian Taxation Office (ATO). Although a business pays GST on its supplies and purchases, it can usually claim the money back through...
Single touch is accomplished by using STP enabled software that automatically submits payroll reports to the Australian Taxation Office (ATO) every time a business runs payroll. Australian companies can also use an external third-party service provider who files the report on your behalf. Single tou...
Australian Tax Office (ATO) The ATO can exchange information with its overseas counterparts under tax treaties. Tax treaties aim to prevent double taxation and fiscal evasion and foster cooperation between Australia and other international tax authorities by enforcing their respective tax laws. Australia...
Tax payments:BPAY is used for paying different types of taxes to the Australian Taxation Office (ATO), such as income tax and other taxes reported on business activity statements. Business billing:Businesses can use BPAY to issue electronic bills to their customers, providing analternative payment ...
In Australia, franking credit is paid to investors in a 0% to 30% tax bracket. Franking credits are paid proportionally to the investor’s tax rate. An investor with a 0% tax rate will receive the full tax payment paid by the company to the Australian Taxation Office as a tax credit....
PAYG withholding is when an employer collects taxes directly from an employee or contractor's pay cheque and provides these to the Australian Taxation Office (ATO). By doing this, employers help individuals meet their income tax liabilities without the hassle involved. ...
Get an understanding of what an ABN (Australian Business Number) is, and how it can benefit your business. Read more in this QuickBooks' guide.
Minimise CGT –Sharesight assumes that you sell shares that will result in the lowest capital gains tax first. This method is more sophisticated than the ‘Minimise capital gain’ method because it takes into account the Australian CGT discounting rules. ...
An employee share scheme (ESS) is a type of remuneration that allows eligible employees to purchase shares in their employer's company on tax-favourable terms. The Australian Tax Office (ATO) offers startup tax concessions to companies and employees under an ESS. To be eligible: The shares of...
You might be paying surcharges in other places without even realising it. Not only do restaurants, shops, and petrol stations charge card processing fees. Someutility billsand even payments to the Australian Taxation Office (ATO) can attract a fee based on thetype of cardyou use and the amo...