types of taxes, Taxation

An organization in Australia needs to comply with the statutory requirements of taxation. There are different types of taxes among which a few are common for all the industries and others are applicable to specific industries. Considering the case of the current organization, which is into the business of hotel as well as restaurant industry, the organization needs to comply with the following taxation:-

1.  Pay as you go (PAYG):- The tax is applicable for all the industries and it is the withholding tax the company needs to deduct from the salary of the employees and pay to the Australian Taxation Office along with the required details within required timing.

2.  Goods and Service Tax (GST):- This tax is applicable for the products and services being sold. The applicable rate in most of the cases is 10%. The organization needs to get itself registered with the taxation office in case their revenue crosses the threshold limits.

3.  Fringe Benefit Tax:- Employer provides certain benefits to the employees in place of salary and wages. These are normally the non monetary benefits or the gratuities or other services offered to employees. Organizations need to pay taxes on this, which is termed as Fringe Benefit Tax.

4.  Superannuation Guarantee Scheme:- In Australia, all the employees are covered under the legislation of Superannuation Guarantee. In this case the employer needs to contribute for the fund for all the eligible employees at least once every quarter. The fund has a purpose of ensuring sum of money to the employees superannuating

5.  Payroll Tax:- This tax is payable by the employers in case their total payment of wages and salaries exceed the threshold limit.


Posted Date: 3/9/2013 1:00:44 AM | Location : United States

Related Discussions:- types of taxes, Assignment Help, Ask Question on types of taxes, Get Answer, Expert's Help, types of taxes Discussions

Write discussion on types of taxes
Your posts are moderated
Related Questions
there is significant difference between the average service tax collection per assessee in Pune zone and the average service tax collection per assessee in the country

Can I get the answers to questions asked by others? they are on this page http://www.expertsmind.com/questions/corporate-tax-301114747.aspx#

King Corporation, an accrual method taxpayer, reports the following results for 2014: Regular taxable income before regular tax NOL deduction $800,000 Minus: Regular tax NOL deduc

Home Cable TV Company, an accrual basis taxpayer, allows its customers to pay by the month ($25 each month), by the year ($280 per year), or two years in advance ($540). In Decemb

1. (a) Give an example of a function, f(x), that has an in ection point at (1; 4). (b) Give an example of a function, g(x), that has a local maximum at ( 3; 3) and a local minim

Assume that a large copy machine is being purchased by your employer. the cost is 200.000$. the manufacturer claims it has a useful life of 8 years. this machine will lower operati

The Diamond Glitter Company is in the process of preparing its financial statements for 2012. Assume that no entries for depreciation have been recorded in 2012. The following info

Problems for Benchmark HW: There are issues here that were not covered in live lecture, but here are some issues that you need to be conscious of when attempting the problems. t

The following 2012 projected income statement is provided by your new client, John Green, single, and sole proprietor of Green Industries. Green Industries started business in Marc