Businesses in Australia are subject to tax laws imposed by local, state and federal governments. The Australian Taxation Office and your Taxation Consultant will provide you with all the information you require. There are many forms of tax that businesses should be aware of, with income taxation being one of the most important. It is a federal tax imposed on individuals and businesses.
Global comparisons of taxation rates shows Australia’s maximum tax rate of 30% calculated on profits for both resident and non-resident companies is the same as the United Kingdom and better than New Zealand (33%), India (34%) and the USA (35%).
To ensure foreign companies are not taxed twice, Australia has a double tax agreement. Such agreements are in place with a variety of countries with the purpose of avoiding taxation of income twice. To view the full list of countries participating in the Double Tax Agreement, please visit the Australian Tax Office website.
The Australian taxation system offers a series of tax concessions, offsets and incentives to help business and industries proposer. Contact the Australian Taxation Office and or your Taxation Consultant for more information and details.
Common Business Deductions
- Cost of fringe benefits
- Register tax agent fees
- Business travel (away from home)
- Home office expenses
- Super contribution for employees
- Decline in the value of depreciating assets
- Interest on borrowed money
- Trading stock
- Motor vehicle expenses
- Transport and freight
- Employee Wages
- Phone expenses
- Others – consult your tax advisor or the Australian Taxation Office
Please contact the Economic Development Unit via email to email@example.com or on +61 8 9461 3198, for any further information.