Call us today on 03 5874 3446

Tax Topics

 

The following information on various tax topics may be useful to you.  

Personal circumstances can vary, so please ensure you contact us for specific advice.

Australian Business Number (ABN)

The Australian Business Number (ABN) is a single identifier used for all dealings with the Australian Taxation Office (ATO) and other government departments and agencies.

Businesses need an ABN and GST registration to claim GST credits ...

Read More

Business Activity Statement (BAS)

Activity statements are used to report and pay a number of tax obligations, such as;

  • Goods and Services Tax (GST)
  • Fringe Benefits Tax (FBT)
  • Pay as you go (PAYG) (instalments and withholding)
  • ...

Read More

Capital Gains Tax (CGT)

Captial Gains Tax (CGT) is the tax you pay on a capital gain. It is not a separate tax, just part of your income tax. The most common way you make a capital gain (or capital loss) is by selling assets such as real estate, shares or managed fu...

Read More

Deceased Estates

When a person dies, an executor is appointed by the deceased person's will to administer the deceased estate in accordance wih their will. The Supreme Court can also appoint an administrator to deal with the deceased estate should there be no ...

Read More

Fringe Benefits Tax (FBT)

Fringe Benefits Tax (FBT) is generally the tax payable by an employer on a taxable benefit provided to an employee (or their associate—usually family) and can relate to current, past or future employment. The benefit could be in place or...

Read More

Fuel Schemes

Fuel schemes provide credits and grants to reduce the costs of some fuels or to provide a benefit to encourage the recycling of waste oils.

There are different types of fuel schemes.

  • Fuel Tax Credits - prov...

Read More

Goods and Services Tax (GST)

Goods and Services Tax (GST) is a tax of 10% in Australia on most goods, services, and other consumables. If you are a registered business, you need to charge GST on most goods and services you sell or supply.

Likewise registered suppli...

Read More

Imputation

The imputation system provides a way in which Australian corporate tax entities can pass on credit for income tax they have paid to their members. The system prevents income tax being levied twice - once when the income is earned by the entity,...

Read More

Income Tax

Income tax is levied on taxable income. Taxable income is calculated as [assessable income] less [any allowable deductions]. Deductions include wages, cost of stock, rent, bad debts, and previous year losses.

Individual

Res...

Read More

Pay As You Go (PAYG) Instalment

Pay As You Go (PAYG) instalments is a system for paying instalments during the income year towards your expected tax liability on your business and investment income.

Your actual tax liability is worked out at the end of the income year...

Read More

Pay As You Go (PAYG) Withholding

Pay As You Go (PAYG) withholding is a system for withholding amounts from payments you make to employees and businesses so they can meet their end of year tax liabilities.

You need to withhold payment amounts from:

  • E...

Read More

Wine Equalisation Tax (WET)

Wine Equalisation Tax (WET) is a tax on wine and is levied at 29%. The tax is paid on the value of the wine at the last wholesale sale, or an equivalent value when there is no wholesale sale.

WET affects wine manufacturers, wholesaler...

Read More