An incorporated company is a distinct legal entity, regulated by the Australian Securities & Investments Commission (ASIC). A company is a complex business structure.

A company needs to apply for a TFN and use it when lodging its annual tax return.

If you carry on an enterprise as a company in Australia, you need an ABN for the company and use it for all the company’s business dealings. ABN is a single business identifier that allows businesses to deal with the Australia Taxation Office ( ATO) and other government departments and agencies with one identifier.

Goods and services tax, often known as GST, is a broad -based tax of %10 on the most goods, services and other items sold or consumed in Australia. GST applies to most Australian business and it’s highly likely that your business will be affected by tax. As a member of a company, you can apply for GST registration for the company if it is carrying on an enterprise. if your business is registered for GST, you’ll have to pay to collect some extra money (one-eleventh of the sale price) from your customers and pay it to the Australian Taxation Office when it is due.
You must register for GST if:
• your business has a GST turnover of $75 000 or more
• your non-profit organisation has a turnover of $150 000 per year or more
• you provide taxi travel for passengers in exchange for a fare as part of your business, regardless of your GST turnover. This rule applies to both taxi owner drivers and people who just rent a taxi.

A company pays income tax on its assessable income (profits) at the company tax rate, which is currently 28.5%. The company may be eligible for some tax concessions. The amount of tax it is liable to pay is reduced by any PAYG instalments paid during the year. There is no tax-free threshold for companies.


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