Business Tax Quick Guide 2010/11
The following income tax rates apply to taxable income.
Medicare levy : 1.5%. Low income threshold: $18,488 for individuals and $31,196 for families
For profit: Enterprises are required to be registered for GST if turnover is $75,000 or moreNot-for-profit: Enterprises are required to be registered for GST if turnover is $150,000 or more
Annual tax period for GST: Lodgement and payment is due on the same date as the tax return.
Quarterly tax period for GST, PAYG Withholding or PAYG Instalments
Note: *If we lodge these statements electronically a further four week extension may be available.
Monthly tax period for GST, PAYG Withholding or PAYG Instalments: Lodgement and payment is due21 days after the end of the relevant month with no extension for electronic lodgement.
Superannuation Guarantee to be paid by employers: Minimum 9%. Proposed gradual increase from 9% to 12% commencing 1 July 2013, subject to legislation.
Superannuation Guarantee payment due dates: 28 Oct 2010, 28 Jan 2011, 28 Apr 2011, 28 Jul 2011.
Superannuation Guarantee exclusions: Employees aged 70 or over, part-time employees under 18 years of age and employees receiving salary or wages of less than $450 per month.
Maximum Superannuation Contribution Base: $42,220 per quarter. Superannuation is not required to be paid on an employee’s salary or wages in excess of this quarterly limit.
FBT rate: 46.5% Benchmark interest rate: 6.65% Lodgement date: 28 May 2011
Type 1 Gross-up factor: 2.0647 Type 2 Gross-up factor: 1.8692
Payroll tax rate: 4.90% effective from 1 July 2010 Tax free amount: $550,000
Fair Work Australia www.fairwork.gov.au or 13 13 94
Search for: Awards, pay rates, conditions and national employment standards.
WorkSafe Victoria www.worksafe.vic.gov.au
Registration for WorkSafe is required if remuneration exceeds $7,500 per year.
All companies: Within 28 days of the date of change.
Victoria Business Name www.consumer.vic.gov.au
Apply for or renew a business name.
Australian Business Register www.abr.business.gov.au
Search the register to determine if a supplier is registered for GST.
Note: Higher rates apply to land held by a trust
Disclaimer: This publication has been prepared on the basis of information available at the date of preparation. The information is general in nature and is not to be taken as substitute for specific professional advice. We recommend that our advice be sought on specific issues prior to acting on transactions affected.