Taxation for your business
Tax requirements for your business Your tax obligations will vary according to your business type, number of employees and the fringe benefits you offer your employees.
Make sure you understand the requirements for:
Register for taxes Register your business for taxes through the Business Registration Service. You can register for different taxes on the same form.
If you are unsure which taxes you need to register for, read our tax registration for businesses page.
If you’re still unsure:
Lodging and paying your tax to the ATO You need to lodge an income tax return each year. Most businesses also need to lodge business activity statements. You may also need to lodge other reports or returns.
It’s important to lodge and pay your tax on time. Lodging and paying online is the fast, convenient and secure way to do business. The Australian Taxation Office (ATO) provides a range of online services for lodging and paying your tax. To protect your privacy, you’ll need an authenticated login service (such as AUSkey or Manage ABN Connections) to access most of these services. If you’re a sole trader, you can use your myGov account linked to the ATO.
You can pay your tax with BPAY , a debit/credit card, or online. There are also other payment options.
Record keeping and taxation Setting up and managing good business records can help you manage your business and make sound business decisions. Business records are also useful if you decide to sell your business.
Under tax law, you must keep records of all transactions related to your business’s tax and superannuation affairs, including records that substantiate the information you include in your tax returns and reports.
Courtesy of business.com.au
Make sure you understand the requirements for:
- different types of tax that could apply to your business
- tax registrations
- paying taxes
- keeping business records
- Income tax for business
- Capital gains tax (CGT)
- Fringe benefits tax (FBT)
- Pay as you go (PAYG) witholding
- Pay as you go (PAYG) instalments
- Goods and Services Tax (GST)
- Fuel tax credits
- Wine equalisation tax
- Luxury car tax
- Payroll tax
- Land tax
Register for taxes Register your business for taxes through the Business Registration Service. You can register for different taxes on the same form.
If you are unsure which taxes you need to register for, read our tax registration for businesses page.
If you’re still unsure:
- ask your accountant for advice
- talk to a business adviser in your area
Lodging and paying your tax to the ATO You need to lodge an income tax return each year. Most businesses also need to lodge business activity statements. You may also need to lodge other reports or returns.
It’s important to lodge and pay your tax on time. Lodging and paying online is the fast, convenient and secure way to do business. The Australian Taxation Office (ATO) provides a range of online services for lodging and paying your tax. To protect your privacy, you’ll need an authenticated login service (such as AUSkey or Manage ABN Connections) to access most of these services. If you’re a sole trader, you can use your myGov account linked to the ATO.
You can pay your tax with BPAY , a debit/credit card, or online. There are also other payment options.
Record keeping and taxation Setting up and managing good business records can help you manage your business and make sound business decisions. Business records are also useful if you decide to sell your business.
Under tax law, you must keep records of all transactions related to your business’s tax and superannuation affairs, including records that substantiate the information you include in your tax returns and reports.
Courtesy of business.com.au