Tax Facts

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Tax Facts

In today’s ever-changing market the complexity in providing the most appropriate Accounting and Tax advice is paramount. Every business in every range of profitability requires financial reporting that can be the basis of their growth and ultimate success. We provide accounting services designed for both the expected and the unexpected, guiding our clients through the full range of tax planning strategies that minimize liabilities. Our expertise, experience, analysis, allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws.

Our services include but are not limited to…

    State Taxes

    PAYROLL TAX

    Payroll tax is a state tax on the wages paid by employers when the total wages exemption threshold is exceeded. Exemption thresholds vary between states.

    NOTE: Payroll tax is not the same as PAYG withholding tax collected by the ATO. PAYG is the tax deducted from an individual's income and forwarded to the ATO.

    The following organisations are generally exempt from payroll tax, provided specific qualifying conditions are met:

    Religious institutions
    Public benevolent institutions
    Public or nonprofit hospitals
    Nonprofit nongovernment schools
    Charitable organisations

    LAND TAX

    All landowners, except those in the Northern Territory, may be liable for land tax. In the Australian Capital Territory land tax is levied on lessees under a Crown lease. Landowners are generally liable for land tax when the unimproved value of taxable land exceeds certain thresholds (excluding the ACT).

    In some states, deductions and rebates are available, depending on how the land is used. Principal places of residence are generally exempt from land tax, however this depends on particular qualifying criteria (these vary between jurisdictions).

    Land owned and used by the following types of organisations might be exempt from land tax:

    Nonprofit societies
    Clubs and associations
    Religious institutions
    Public benevolent institutions
    Charitable institutions

    STAMP DUTY

    Stamp duty is levied on particular written documents and transactions, including:

    Motor vehicle registrations and transfers
    Insurance policies
    Leases
    Mortgages
    Hire purchase agreements
    Property transfers (eg transfer of businesses, real estate, and particular shares)
    The stamp duty rate varies according to the type of transaction and its value. Depending on the nature of the transaction, certain concessions and exemptions may be available.

    STATE TAX WEBSITES

    Particular deductions and exemptions vary between states for all duties. For additional state-specific information, visit the required state website: 

    New South Wales Office of State Revenue
    Revenue SA
    Queensland Office of State Revenue
    Territory Revenue Office
    ACT Revenue Office
    State Revenue Office Tasmania 
    State Revenue Office Victoria
    Office of State Revenue Western Australia