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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.
Erica is a citizen of a foreign country, and is employed by a foreign-based computer manufacturer. Erica's job is to provide technical assistance to customers who purchase the comp
EXPLAIN IN DETAILS RETURN ON INVESTMENT
Net Salvage Value Allen Air Lines must liquidate some equipment that is being replaced. The equipment originally cost $24 million, of which 80% has been depreciated. The used
Gregory R. and Lulu B. Clifden live with their family at the Rock Glen House Bed &Breakfast, which Gregory operates. The Bed & Breakfast (B&B) is located at 33333 Fume Blanc Way, T
1. Ben lost his job when his employer moved its plant. During the year, he collected unemployment benefits for three months, a total of $1,800. While he was waiting to hear from pr
evaluate the importance of the principal issue litigated in the case in question using the tax research steps outlined in Appendix A of your text.
there is significant difference between the average service tax collection per assessee in Pune zone and the average service tax collection per assessee in the country
The following information is available for Kessler Company after its first year of operations: Income before taxes $250,000 Federal income tax payable $104,000 Deferred income tax
Please explain all of your responses; include authority and reasoning. Do not just answer a question "yes" or "no." Do not just provide a numerical answer without explaining how
Ask question #Minimum 100 words Problem 4-42 (LO. 3, 4) Faye, Gary, and Heidi each have a one-third interest in the capital and profits of the FGH Partnership. Each partner had a c
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