Tax for business: the basics

Your business's tax requirements will vary according to the type of business you run and the number of employees you have.

When you start a business, seek tax advice from the Australian Taxation Office (ATO) or a tax professional. The ATO administers Australia's tax laws, and applies these laws to all types of businesses. Seeking advice will help you avoid mistakes that could result in legal and financial penalties for you and your business.

If you employ people in Queensland, you must register for payroll tax within 7 days after the end of the month in which you pay more than $21,153 a week in Australian taxable wages (or become a member of a group that does). Payroll tax is imposed by each state and territory, not by the ATO.

You may be tempted to manage your business's tax yourself to keep costs down, but this can be risky. Outsourcing your tax to a professional or employing an accountant can help things run smoothly, and possibly save you money in the long run.

This guide will help you to understand the basic tax requirements for your business. 

Source: www.business.qld.gov.au

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