lesson 4 taxation obligations and business structure
TRANSCRIPT
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Lesson 4 - Taxation obligations and business structure
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Outcomes (What you need to know and be able to do) • Explain the importance between effective book keeping and tax obligations
• Outline the taxes in Australia • Explain how a business structure can influence its tax obligations • Calculate the amount of tax a business is obligated to pay in case studies
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From last lesson…….
Outline one benefit of a cash book
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Benefits of a cash book
determine the cash balance.
keep a tight control on the cash
monitor the business’s cash flow position — that is, the money coming into the business and the money leaving the business
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Commonwealth government taxes
PAYG is a system whereby tax is taken directly from an employee’s salary or wage.
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Company Tax
Company tax is charged against the earnings of a company.
The tax is calculated on the profit of the company at a rate of 30 per cent.
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Fringe benefits tax (FBT)
A fringe benefit is a benefit provided by an employer to an employee or their wife or husband in addition to wages, superannuation or other traditional rewards.
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Capital gains tax (CGT)
Capital gains tax is a tax calculated on transactions involving profit earned from the sale of assets.
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State Government Taxes
Payroll tax is charged against a business based on the payroll of that organisation.
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Stamp duty is payable by individuals and businesses for transactions involving the purchase of items such as land, buildings and motor vehicles.
Stamp duty tax
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Land tax is a tax on land owned by individuals or organisations.
Land Tax