Tax Office Registration (ABN, GST, TFN and PAYG)

Tax files Number (TFN) and Australian Business Number (ABN)

The entities need to lodge income tax return must have Tax File Number (TFN). However, if there is a business operation then Australian Business Number (ABN) is also required.  An ABN needs to be registered as a GST ABN if you are issuing TAX INVOICES.

Operating without an ABN may mean your customer can withhold 46.5% of payment to you.  Applying TFN and ABN, it may take up to 28 days to receive.

Good Service Tax (GST)

You must registered for GST, if your annual turnover (Sales) is more than $75,000

PAYG income Tax Instalment

If the entities are required to pay income tax, ATO will require the entities to submit PAYG income Tax Instalment quarterly or annually

PAYG Tax Withheld (For employees)

If you have employees, you have to withhold income tax from their pay. These withheld taxes are required to reported and remitted to the ATO each quarter or monthly. You also have to issue PAYG payment summary and lodge to ATO before 14 August of each year.