Understanding Business Taxes in Australia: Key Obligations and Due Dates

Navigating business taxes is essential for every Australian business. Here's an overview of the taxes you’ll encounter, along with their due dates and rates.

🛍️ Goods and Services Tax (GST)

• Rate: 10% on most goods and services.

• Who Registers?: Businesses with a turnover of $75,000 or more.

• Due Dates: Monthly or quarterly, depending on your GST reporting cycle. Due on the 28th of the month following the period end (e.g., BAS for the quarter ending March is due April 28).

💰 Pay As You Go Withholding (PAYGW)

• What It Is: Employers withhold tax from payments to employees and certain contractors.

• Due Dates: Quarterly due on the 28th of the month following the quarter end (e.g., July to September PAYGW is due October 28).

📅 Pay As You Go Instalments (PAYGI)

• What It Is: Regular income tax payments throughout the year.

• Due Dates: Monthly, due by the 21st of the following month (e.g., for July, it’s due August 21). Quarterly, as part of your BAS. Due on the 28th of October, January, April, and July.

🏛️ State Payroll Tax

• What It Is: A state tax on wages above the state’s threshold.

• Threshold: $1 million in annual taxable wages.

• Rate: 5.5% on wages exceeding the threshold.

• Due Dates: Varies by state. In Western Australia, payroll tax is due monthly by the 7th of the following month.

🚗 Fringe Benefits Tax (FBT)

• What It Is: A tax on non-salary benefits, like company cars.

• FBT Year: April to March.

• Due Dates: FBT is calculated annually and due by May 21.

🏦 Superannuation Guarantee (SG)

• What It Is: Employer contributions to employees’ superannuation.

• Rate: 11.5% for the 2024-2025 financial year.

• Due Dates: Quarterly on the 28th of October, January, April, and July.

🏢 Company Income Tax

• What It Is: Tax on company profits.

• Rates:

  • 25% for small businesses (base rate entities).

  • 30% for larger companies.

• Due Dates: Generally due on the 15th of May for the previous financial year’s return.

🏠 Capital Gains Tax (CGT)

• What It Is: A tax on profits from selling assets.

• Due Dates: Paid as part of your annual income tax return.

Stay Compliant and Stress-Free!!

Managing these tax obligations can be overwhelming. TR Accounting Services is here to help you stay compliant and manage your tax responsibilities efficiently. Contact us today to simplify your tax preparation process and ensure you're meeting all deadlines!