Blog & Resources

We keep you updated with what you need to know when it comes to running a business in Australia

Capital Gains Tax

The capital gains tax (CGT) generally applies to CGT events that happen to CGT assets acquired after 19 September 1985. CGT is not a separate tax, it forms part of income tax.

Medicare Levy

The Medicare Levy is a tax Australian residents pay to cover health care charges. It is payable on taxable income, in addition to income tax. Individuals and families on higher incomes who do not have an appropriate level of private hospital cover may have to pay the Medicare levy surcharge.

Small Business Concessions

Small businesses with an annual turnover of less than $2 million may qualify for a range of tax concessions. If your business is eligible you can use the concessions that suit you. You may have to satisfy additional conditions and will need to check whether you qualify for the concessions each tax year.

Activity Statements

Businesses use activity statements (BAS) to report and pay a number of tax obligations, including GST, pay as you go (PAYG) instalments, PAYG withholding and fringe benefits tax. Non-business individuals who need to pay quarterly PAYG instalments also use activity statements.

Reach Out

Get in touch with us and one of our experienced advisors will reach out to you as soon as possible

team@hfbgroup.com.au

+ 61 7 3286 1322

+ 61 7 3286 3022

146 Bloomfield Street Cleveland
P.O. BOX 24, Cleveland QLD 4163

M-F: 8:30am-5pm