an organization in australia needs to comply with


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.

 

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Taxation: an organization in australia needs to comply with
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