Upload
coburgpsych
View
306
Download
0
Tags:
Embed Size (px)
Citation preview
Lesson 4 - Taxation obligations and business structure
Outcomes (What you need to know and be able to do) • Explain the importance between effective book keeping and tax obligations
• Outline the taxes in Australia • Explain how a business structure can influence its tax obligations • Calculate the amount of tax a business is obligated to pay in case studies
From last lesson…….
Outline one benefit of a cash book
Benefits of a cash book
determine the cash balance.
keep a tight control on the cash
monitor the business’s cash flow position — that is, the money coming into the business and the money leaving the business
Commonwealth government taxes
PAYG is a system whereby tax is taken directly from an employee’s salary or wage.
Company Tax
Company tax is charged against the earnings of a company.
The tax is calculated on the profit of the company at a rate of 30 per cent.
Fringe benefits tax (FBT)
A fringe benefit is a benefit provided by an employer to an employee or their wife or husband in addition to wages, superannuation or other traditional rewards.
Capital gains tax (CGT)
Capital gains tax is a tax calculated on transactions involving profit earned from the sale of assets.
State Government Taxes
Payroll tax is charged against a business based on the payroll of that organisation.
Stamp duty is payable by individuals and businesses for transactions involving the purchase of items such as land, buildings and motor vehicles.
Stamp duty tax
Land tax is a tax on land owned by individuals or organisations.
Land Tax