Frequently Asked Questions

These questions and Answers have been devided into 3 categories:

• Business questions

• Tax questions

• Questions about Tax Mate Pty Ltd

 

Business Questions

Government Regulation

Q: Do I need WorkSafe injury insurance?
A: WorkSafe Victoria advises that, if you expect to pay more than $7,500 a year in rateable remuneration, or if you have any  apprentices or trainees, you must take out a WorkSafe insurance policy. This applies even if you are a small company with only one worker.If you employ apprentices or trainees, you must have a WorkSafe insurance policy regardless of your annual payroll.

 

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Tax & Duties Questions

Goods & Services Tax

Q: Do I need to register for GST?
A: The Australian Tax Office advises that, you must register for GST if you run a business or other enterprise and your GST turnover is $75,000 or more (for non-profit organisations the threshold is $150,000 or more). It is your responsibility to register if your turnover exceeds the threshold, or is likely to exceed it. If you run a business or other enterprise and your GST turnover is less that $75,000, registering for GST is optional.

 

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State Taxes & Duties, Victoria

Q: At what size payroll does a business have to start paying payroll tax
A: The State Revenue Office, Victoria advises that, employers who pay wages in Victoria must register for payroll tax if during any one month, their total Australian wages exceed the relevant monthly deduction threshold level. If an employer is a member of a group, it must register for payroll tax if during any one month, the group's total Australian wages exceed the relevant monthly deduction threshold level; $5550,000 annually or $45,833 monthly