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Queensland State Duties & Taxes:


Payroll Tax

2014 Wage Threshold of  $1.1m  Australian Taxable Wages in a financial Year. Payroll tax is levied at 4.75%


Land Tax

The state government imposes land tax on the owners of freehold land in Queensland as at midnight on 30 June each year.  






Duties

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.


Mining & Petroleum Royalties

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.


Workers Compensation Insurance - Mandatory if workers are employed in Queensland


Resident

Absentee

Company

Trustee

Taxable Value  Threshold

650000

350000

350000

350000

Tax Rate

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Australian Federal Taxes & Duties


Company Tax

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)


Goods & Services Tax (GST)

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.


Pay as You Go (PAYG)

Withhold tax  from the wages of employees and remit these amounts to the ATO on behalf of employees.


Superannuation Guarantee Levy

Employers have to pay 9.5% superannuation when an employee is paid $450 or more before tax in a month and is:

Some awards and registered agreements have extra terms about superannuation.


Fringe Benefits Tax

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.


Capital Gains Tax (CGT)

A capital gain or capital loss is the difference between what it cost you to get an asset and what you received when you disposed of it.

You pay tax on your capital gains. It forms part of your income tax and is not considered a separate tax, although it is generally referred to as capital gains tax (CGT).