- Description
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Company tax and the petroleum resource rent tax provides information on companies, as reported on their income tax returns. A company is a body corporate and, therefore, an ‘entity’ for the purposes of the Income Tax Assessment Act 1997 and the Taxation Administration Act 1953. For tax purposes, companies include all incorporated and unincorporated bodies or associations, excluding partnerships and non-entity joint ventures. Limited partnerships, some corporate unit trusts and public trading trusts are also treated as companies.
Depending on the level of their previous year’s tax liability, companies pay income tax either in instalments (pay as you go instalments or PAYGI), some of which are paid during that income year, or in a single lump sum paid during the subsequent year. For the majority of companies, the income year is the same as the financial year. However, those companies whose income year is different to the financial year use a substituted accounting period.
Generally, every resident company that derives assessable income from any source, and every non-resident company that derives assessable income from Australian sources, are required to lodge a company tax return. A resident non-profit company is not required to lodge a return if its taxable income is less than $416.
Companies pay a flat rate of tax, without a tax-free threshold. As from, and including, the 2001-02 income year, the tax rate for public and private companies is 30%. Other companies such as retirement savings account providers, pooled development funds, credit unions, non-profit companies and life insurance and friendly society companies have various other tax rates.
- Download
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- 00268761.htm&page=9&H9 (Other) 0.00KB - 325 hits
- Date Published
- 7 April 2011
- Date Updated
- Not specified
- Update Frequency
- Not specified
Dataset Information
- data.gov.au Category
- Business, Finance, Government, Industry
- Keywords / Tags
- 1001, BAS, benchmarks, business, capital, CGT, codes, company, compliance, cost, data, debts, excise, FBT, file, Fuel, fund, gains, GST, GST (Goods and services tax), HELP, Individual, Individuals, Net tax, partnerships, PAYGI, PAYGW, post, postcodes, prescribed private funds, ratio, ratios, sample, schemes, statistics, Stats, Superannuation, Taxation, Taxation statistics, taxstats, trust
- Licence
- Creative Commons - Attribution 3.0 Australia (CC BY 3.0)
- Permalink
- http://data.gov.au/2699
Contributing Agency Information
- Agency
- Australian Taxation Office (View all datasets from Australian Taxation Office)
- Jurisdiction
- Commonwealth of Australia
- Agency Program
- Taxation Statistics 2008-09
Dataset Coverage
- Temporal Coverage
- 2008-09 Financial Year
- Geospatial Coverage
- Australia
- Granularity
- Not specified
