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Lesson 4 taxation obligations and business structure

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  • 1. Lesson 4 - Taxation obligations and business structure
  • 2. 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 
  • 3. From last lesson……. Outline one benefit of a cash book
  • 4. 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
  • 5. Commonwealth government taxes PAYG is a system whereby tax is taken directly from an employee’s salary or wage.
  • 6. 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.
  • 7. 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.
  • 8. Capital gains tax (CGT) Capital gains tax is a tax calculated on transactions involving profit earned from the sale of assets.
  • 9. State Government Taxes Payroll tax is charged against a business based on the payroll of that organisation.
  • 10. 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
  • 11. Land tax is a tax on land owned by individuals or organisations. Land Tax