Tax and GST
Understanding your tax and GST obligations from the star means you don’t get any surprises.
Module Overview
In this module we yearn about how to establish pricing for your business and how a lot of our decisions around pricing are based on feelings of self worth and other psychology.
+ READ THE VIDEO TRANSCRIPT
There are five different types of tax to be aware of when you set-up a business. While some may never be relevant to you, it is good to understand what they are:
Goods & services tax (GST)
This is a broad based tax of 10% placed on most good and services sold in Australia.
Income Tax
This is a tax levied against individual wages, salary or other types of income. A range of tax brackets see different levels of income being taxed at different rates.
Capital Gains Tax
A tax paid by an investor on the sale of an asset. The tax is based on how much the asset has appreciated (increased in value) during the time it was held by the investor. This tax is applied to property, shares, crypto. It is not separate to income tax.
Company Tax
The tax paid on a companies profits. The amount of tax is dependent on the size of your business.
Payroll Tax
Payroll tax is a state or territory tax. It’s calculated on the total wages you pay each month. The state or territory that your employees are located in collects the tax. Not all businesses have to pay payroll tax.
