Tax & regulations

Australian Taxation Office (ATO) compliance

All businesses in Australia must comply with Australian Taxation Office (ATO) requirements. Visit the ATO website for more information The requirements will depend on the business structure, industry, operations and turnover.

The information below provide a general overview:

General tax compliance

Business owners need to declare any business income earned. Deductions can be claimed for some expenses incurred in running a business.

Sole traders, partnerships, companies and trusts have different tax compliance obligations and are taxed differently. Visit the SmallBiz website for more information.

Employment taxes & superannuation obligations

If your business has employees or contractors then you’ll need to know how to meet your tax and superannuation obligations such as fringe benefits tax, Pay As You Go (PAYG) withholding tax, pay-roll tax and superannuation payments for your eligible employees. Visit the SmallBiz website for more information.

Payroll tax

Employers, or a group of related businesses, whose total Australian wages exceed the current NSW monthly threshold, are required to pay NSW payroll tax. Payroll Tax is paid at a specified rate on all "NSW Taxable Wages" above a threshold level.

The threshold is revised annually in line with inflation. Current rates and thresholds are available at the Office of State Revenue.

Goods and services tax (GST)

Businesses registered for GST must pay one-eleventh of taxable sales to the ATO. Businesses can claim credits for the GST included in the price of business purchases. The SmallBiz website has more information on this topic.

ATO checklist and tax topics

This checklist developed by the ATO is a great starting point for start-up businesses to find out what you need to know about small business tax issues. You can find more information from the ATO website and publications. Also seek advice from your tax adviser.

Click here for a convenient Australian Tax Office summary of tax topics that affect businesses.

Register for Taxation

A range of taxes affect small business, so before you begin operating you'll need to know what you must do to comply with Government taxation regulations. Visit the Federal Government’s business.gov.au website for further details.

Important

Always seek professional tax advice from a qualified Accountant or Tax adviser.