What are the Accounting & Taxation Requirements in Australia?
Australia is a global leader in a variety of sectors, most notably the mining and agriculture sectors, and has a strong and stable economy with a steady annual GDP growth. For these reasons plus more, Australian citizens enjoy a high quality of life, have access to high-quality education and are surrounded by an attractive and profitable commercial environment. While the business opportunities in Australia are plentiful, it is important that all companies have a sound understanding of their accounting and taxation requirements when operating in the region.
Some key taxes affecting businesses in Australia are (1) All companies registered in Australia are subject to a tax on corporate profits, with applicable rates differing between large and small businesses. (2) Australia has a Value Added Tax (VAT) applied on most goods and services called a General Services Tax (GST) which is currently set at 10%. (3) Capital Gains Tax (CGT) is applied on any capital gain through the disposal of assets. It is essential that these taxes and others as applicable to your business are considered within your company accounting.
Read the short presentation below, created by our accounting team in Australia to learn more about the basic accounting and taxation requirements for companies operating in Australia. For more information about our accounting and taxation services in Australia, please get in contact with our local team.
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