Informative Guide about “What Taxes We Expect To Pay As Small Business?

As a small business in Australia, there are certain taxes that you need to pay to the Australian Taxation Office. These predominantly include the following: PAYGI, PAYGW, Income Tax, and GST, etc.

Coordinating the cash flow of your organization might seem a bit intimidating in the beginning. There are certain payments that you must become familiar with before lodging your tax return. Similarly, there are certain payments which you have already paid or which are due. So, to pay the right amount of taxes, it’s imperative that you become aware of your taxing liabilities unfailingly. Besides, make sure that you gauge your taxes impeccably to avoid any unprecedented complexities. To get the best assistance in this regard, hire a registered tax agent Perth, Australia.

A glimpse of the various small business taxes in Australia!

So, before paying your pertinent taxes to the ATO, you must become aware of the different small business taxes first. These chiefly include GST (Goods and Services Tax), PAYGW (Pay As You Go Withholding) Income Tax, and PAYGI (Pay As You Go Instalments). Comprehensive bits of information related to each of these tax categories can be considered below.


Do you earn income from the means of your own business and already hold a valid Australian Business Number (ABN)? If so, then you need to pay your pertinent PAYGI taxes in the proper and expected way.


The PAYGW taxes are furthermore divided into two individual categories. These include PAYGI and PAYGW. The latter tax category is the sum you’re supposed to withhold from the emoluments of your workers. These will help your employees to accomplish their taxing liabilities effectively.

Goods and Services Tax (GST)

GST comprises the ten percent cost incurred on most of the services, goods, and other products sold or used in Australia. You should garner GSTs from your consumers on the purchases they make from you. Besides, as a small business, you also need to pay GSTs properly incurred on each of your purchases.

Income Tax: Its different types

Income tax incurs on the various profits and emoluments in Australia. The taxing system in Australia predominantly thrives on this particular tax category. So, while lodging your Small Business Taxin Australia, you must know the income tax category you‘re eligible for. Remember, that certain goods and services are also considered income apart from liquid cash. You will have to pay income tax, if your business income falls under any of the following categories.

Income that is taxable

It refers to the earning which can be evaluated and is subtracted from the various eligible deductions out there. 

Income that is exempted

Exempt income is comprised of the various governmental pensions and payments. These include the several academic payments as well as the various invalidity pensions out there.

Income that is assessable

Income which is assessable can be in various forms that you glean from your small business. These chiefly include the following:

  • Your pertinent travel allowance
  • Your pertinent clothes allowance
  • Your pertinent car allowance
  • Interests which are incurred on your bank account
  • All your pertinent tips  
  • All your pertinent sales commissions
  • All your pertinent pensions and
  • The wages and salaries which you conventionally receive

According to your unique taxing circumstances, you will be incurred by any of the assessable incomes stated above. One of the best Tax Agent in Perth, Australia can provide you the finest assistance for this purpose. After evaluating your current situations effectively, your tax agent will put across the various income taxes which must pay unfailingly. 

The different due dates to lodge your small business tax return!

As already said, your Small Business Tax Return Australia can be of different forms like the ones stated above. Following are the due dates that apply to the lodgement of each of the taxes stated above.

28th February

Applies to large to medium trusts which are not taxable in the recent year on which the tax was lodged.

15th January

Applies to trusts and companies which are taxable and large to medium business clients in the previous year. If you’re running a small business pertaining to this category, then you need not lodge earlier at all. 

1st December

Non-full assessment companies need to lodge their income tax returns by this particular date. The date of payment is decided in accordance with the notice of evaluation. These companies have to be taxable to ample taxpayers in the recent previous year required to be lodged by 31st October.

31st October

Partnerships, individuals, and trusts need to lodge their income tax returns which are either taxable or non-taxable by 31st October.

Hire a tax agent in Perth!

So, this taxing year, lodge your Small Business Tax Return in Australia with a hint of professionalism. All you need to do for that is hire a well-versed tax agent in Perth. Your tax agent can tell you adeptly that specifically which taxes you need to pay to the ATO and when.

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