GST | BAS | FBT

bas-480Businesses in Australia can be required to register for, report on and remit several taxes as part of their business activity.

Goods & Services Tax (GST)

A 10% tax on most sales made in Australia; business are required to report their GST with a business activity statement (BAS) on a monthly, quarterly or yearly basis depending on their turnover.

PAYG Instalments

If a business has paid Income Tax in a previous year the Taxation Office may require a portion of the estimated tax for the current year to be remitted on a monthly or quarterly basis.

Fringe Benefits Tax (FBT)

If a business supplies benefits to employees other than cash (know as Fringe Benefits) they may be subject to tax on the value of benefits.

Other Taxes and rebates that may be reported on a businesses BAS include:

  • Fuel Tax Credits (FTC) – A rebate offered to businesses who use various fuels in their business activities based on litres used.
  • Luxury Car Tax (LCT) - A 33% sales tax in addition to GST on cars valued over a certain amount.
  • Wine Equalisation Tax (WET) – A 29% sales tax in addition to GST on wholesale of wine.