Entities doing business in Australia need to be aware about the various financial and tax liabilities incurred in the process. Business entities should involve the services of specialists and financial experts in the process, as it is complex and requires a lot of expertise. Owen Hodge’s team of expert tax lawyers in Sydney are ideally situated to help.
The entities are required to comply with the Financial Reporting requirements. The Financial Reporting Council (“FRC”) is the highest body responsible for overseeing the effectiveness of the financial reporting framework in Australia. Audit of annual financial statements is also important for maintaining transparency and all public companies in Australia, including unlisted ones, are required to prepare and lodge audited financial statements with the ASIC.
Various tax liabilities of a business entity in Australia may include payment of Company Tax at a flat rate of 30% of its taxable income. Fringe benefits tax (“FBT”) is paid on certain benefits which the employers provide to their employees in place of salary or wages. The Goods and Services Tax (“GST”) is a value added tax of 10% and is levied on most goods and services transactions.
For more information and expert advice, speak to one of Owen Hodge’s Sydney-based tax lawyers today.