Australia accounting and tax considerations

Tetra Consultants provides Australia accounting and tax service. Our accounting team will ensure your company is compliant with local regulations and requirements by timely filing annual returns and financial statements, tax compliance, audits and bookkeeping.

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1 Week

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Yes

Bank Account Opening

4 Weeks

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    Australia accounting and tax service

    Many international clients engage Tetra Consultants to undertake accounting and tax services for their Australia businesses. Tetra Consultants will timely prepare your firm’s financial statements, corporate tax returns, bookkeeping and annual filings on your behalf.

    Do note that if your Australia company is unable to meet the deadlines set by Australia Taxation Office, there is a probability that you will be subject to late penalties and fines. Contact us now for a free consultation. Our team of experts will revert within the next 24 hours.

    • In Australia, your company is considered as a resident if it is registered in Australia and has operations in Australia.
    • Alternatively, a company is also deemed as resident in Australia if its management team is in Australia or if  its voting power is controlled by Australian resident shareholders.
    • Resident companies are taxed on global income. Non-resident companies are taxable only on income generated in Australia.
    • If your annual turnover is less than AU$50,000,000, you will pay a corporate tax rate of 27.5%. Otherwise, you will be subject to a rate of 30%.
    • If your annual turnover is over AU$10,000,000, you will be required to file annual tax return before 15th Otherwise, the deadline is 28th February.
    • Your business is required to register for GST if you have a GST turnover higher than AU$75,000. The GST rate is 10% in Australia. Thereafter, you hare required to submit GST return on a quarterly basis.
    • Australia has signed Double Taxation Avoidance Agreements (DTAAs) with more than 50 countries to reduce withholding tax on payments abroad.
    • Tax returns cover the financial year from 1 July to 30 June. All Australian company are required to submit their tax returns before 31 October.
    • Large proprietary companies are required to prepare and file audited financial report and audited director’s report annually. Your business is defined as large if:
      1. the consolidated revenue for the financial year of the company and any entities it controls is $50 million or more
      2. the value of the consolidated gross assets at the end of the financial year of the company and any entities it controls is $25 million or more, and
      3. the company and any entities it controls have 100 or more employees at the end of the financial year

    Contact us now for a free consultation. Our team of experts will revert within the next 24 hours.






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