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Free Tax Preparation Australia

Legal requirements for various registrations required for Australian business Entity. Registration Requirements for starting a small business in Australia. It describes various requirements for obtaining GST Number, Tax Filing number etc.

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Free Tax Preparation Australia

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  1. OUTSOURCE Your Accounting Work A brief on Australian Tax System

  2. A brief overview on Australian Accounting System for small business • This Presentation is aimed at explaining basic compliance requirements for small business in in Australia • It gives an overview of the taxation aspects in Australia.

  3. Registration Requirements for Small Business • Obtaining Tax File Number (TFN) and Australian business number(ABN): You can complete and lodge an application for an Australian business number (ABN) and TFN for a company, partnership or trust online. • Goods and services tax (GST) If your annual turnover is $75000 it is mandatory for you to get registered and collect GST. • Fringe benefits tax (FBT) Registration under FBT is required if you provide perquisites and benefits to your employees.

  4. Types of Business Entities

  5. Sole Trader • It is a simplest structure for business and highly recommended in order to avoid tax complications for business. • Income Tax: The liability to pay income tax is on individual as the business income earned by sole trader is considered to be individual income. • GST: A sole trader needs to collect and pay GST if turnover is $75,000 p.a. or more.

  6. Partnership • A partnership is an association of people who carry on a business as partners or receive income jointly. • Income Tax: Each of the partner has to pay income tax on share of the profits. However partnership business is required to lodge an annual return giving details of income and expenses • GST: A Partnership needs to collect and pay GST if turnover is $75,000 p.a. or more.

  7. Company • Company is a separate legal entity in eyes of law. • Income Tax: The income earned belongs to the company hence the liability to pay tax arises on Company. • GST: A Company needs to collect and pay GST if turnover is $75,000 p.a. or more.

  8. Legal Requirements for record keeping

  9. Record Keeping • Manual v/s Electronic Records: You can keep your records manually or in Electronic Form • Time Period: You need to maintain your records for at least 5 years. • Records to be kept: It is advisable that all the business records should be kept and none of them discarded.

  10. Rates of Income Tax

  11. Income Tax Rates for 2013-14 income year In addition to income tax there is a Medicare levy of 1.5% or the Medicare levy surcharge. The Medicare levy will increase to 2.0% from 1 July 2014.

  12. Goods and Service Tax

  13. Goods and Sales Tax in Australia • GST is a 10% tax on most goods and services sold in Australia.It is collected by registered businesses at each step in the supply chain. • Credit of GST: The purchases for the purpose of business are eligible for GST credits. Business can claim credit of GST in order to reduce the amount of GST payable.

  14. Rayvat Accounting. COMMUNICATION ADDRESS: Plot No : 10, G.I.D.C Electronic Park IT/ITES SEZ Kolwada Road, Gandhinagar- 382026, Gujarat, India. CONTACTS: Rushabh Shah Mob: +91 9712381843 Skype: rushabh_s_shah WEBSITE: www.rayvataccounting.com Email: rushabh@rayvat.com

  15. Thank you

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