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An organization in Australia needs to comply with the statutory requirements of taxation. There are different types of taxes among which a few are common for all the industries and others are applicable to specific industries. Considering the case of the current organization, which is into the business of hotel as well as restaurant industry, the organization needs to comply with the following taxation:-
1. Pay as you go (PAYG):- The tax is applicable for all the industries and it is the withholding tax the company needs to deduct from the salary of the employees and pay to the Australian Taxation Office along with the required details within required timing.
2. Goods and Service Tax (GST):- This tax is applicable for the products and services being sold. The applicable rate in most of the cases is 10%. The organization needs to get itself registered with the taxation office in case their revenue crosses the threshold limits.
3. Fringe Benefit Tax:- Employer provides certain benefits to the employees in place of salary and wages. These are normally the non monetary benefits or the gratuities or other services offered to employees. Organizations need to pay taxes on this, which is termed as Fringe Benefit Tax.
4. Superannuation Guarantee Scheme:- In Australia, all the employees are covered under the legislation of Superannuation Guarantee. In this case the employer needs to contribute for the fund for all the eligible employees at least once every quarter. The fund has a purpose of ensuring sum of money to the employees superannuating
5. Payroll Tax:- This tax is payable by the employers in case their total payment of wages and salaries exceed the threshold limit.
The second task of the program is to calculate/display a possible investment. First, the program should ask the amount of money that he/she requires (on an average) per week a
should be on 2012 forms and done in pencil. It should include a schedule that shows the fiduciary income calculation and other relevant calculations. Jack Green established the Jac
interest of late payment tds nature of payment code
The use by a corporation of the losses it continued in earlier years to compensate taxes on the profits it attains in future years. Individuals can also utilize a tax umbrella so t
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Q. What do you mean by Arbitration? Ans: Arbitration is a device for setting up difference between the Railway Administration and contractor by intervention of third person
John and Ellen Brite are married and file a joint return. John owns an unincorporated specialty electrical lightning retail store, Brite-On had the following assets on January 1, 2
Critically Evaluate overseas experiences with this form of tax. (e.g. UK or Australia)
Gustav Ltd commenced operations on 1 July 2011 and presents its first statement of comprehensive income for the year ending 30 June 2012 and first statement of financial position a
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