Duties attach to transfers of certain types of property, relevant acquisitions in private or public landholders, acquisitions of shares in corporations that hold property on trust, transferring the registration of a vehicle and contracts of general, life and accident insurance.
Royalty is payable on the basis that the State generally has property in all minerals located on or below the surface of land and all petroleum produced to the surface of land or in a natural underground reservoir in Queensland.
Company Tax in Australia are calculated at a flat 30% rate. Tax is paid on corporate income at the corporate level before it is distributed to individual shareholders as dividends. A tax credit (called a franking credit) is provided to individuals who receive dividends to reflect the tax already paid at the corporate level (a process known as dividend imputation)
A tax of 10% levied on most goods and services. Register for GST if business turnover exceeds the threshold of $75,000 p.a. Generally, businesses registered for GST will include GST in the price of sales to their customers, and claim credits for the GST included in the price of their business purchases. A business will lodge a Business Activity Statement (BAS) quarterly, half-yearly or annually to account for GST.
Fringe Benefits Tax (FBT) is a tax payable by employers for benefits paid to an employee or the employee's associate (typically family members) in place of salary or wages. This is separate to income tax and is calculated on the taxable value of the fringe benefits provided.