FAQs

Australian Tax
Australian SMSF
Australian Business
Philippine Tax
Philippine Business
Australian Tax

Australian Tax

Information on these items are changed regularly, so for your convenience we have supplied you with the direct links to the ATO website and other tax-related websites.

  1. Individual income tax rates
  2. Deductions for specific industries and occupations
  3. Small business benchmarks
  4. Rates, calculators & tools
  5. Medicare levy
  6. Capital allowances
  7. Superannuation guarantee
  8. Failure to lodge on time penalty
  9. Fringe benefits tax – what you need to know
  10. Zone Tax Offset
  11. Medicare Levy Exemption
  12. ATO Tax Rates Info

What do I have to bring to a tax appointment?

How long do I need to keep my receipts?

Generally, you must keep tax records for five years after tax returns are prepared, obtained transactions completed, whichever occurs latest. All documentary evidence should be kept from the date of lodgment of the tax return in which the claims are made.

More about keeping your tax records

What is the current company tax rate?

The current company tax rate (for base entities) is 27.5%.

More about company tax rates

How does a company deregister?

  • Ensure that all outstanding documents (including annual returns) have been lodged with ASIC
  • Ensure all outstanding charges against the company have been satisfied. You should make sure of this before applying for deregistration.
  • Complete Form 6010 and include a $42 application fee.

More about voluntarily deregistering a company

When can I deregister a company?

You can apply to deregister a company if:

  • All members of the company agree to deregister;
  • The company is not carrying on business;
  • The company’s assets are worth less than $1000;
  • The company has paid all fees and penalties payable under the Corporations Act 2001;
  • The company has no outstanding liabilities; and
  • The company is not a party to any legal proceeding

What is a trust?

A trust is an obligation on the trustee to hold property or income for a particular purpose on behalf of another property. The following are the different types of trusts.

  • Discretionary Trusts
  • Unit Trusts (public and private)
  • A combination of a unit and discretionary trust (hybrid)
  • Fixed Trusts
  • Testamentary trusts
  • Inter vivos trusts

The essential elements of a trust are: A constituent document (the trust deed) although a trust can be created orally or implied;

  • Trust property
  • Beneficiaries
  • Trustee
  • Settlor and
  • Obligations in relation to the trust property as set out in the trust deed
Australian SMSF

Self-Managed Superannuation Fund (SMSF)

Information on these items are changed regularly, so for your convenience we have supplied you with the direct links to the ATO website and other SMSF-related websites.

  1. Super changes for SMSFs
  2. How to set-up SMSF?
  3. Consider asking professional help
  4. SMSF Trustee Education Course
Australian Business

Australian Business and Money Matters

Philippine Tax

Philippine Tax System

Philippine tax law covers national tax and local taxes. National taxes are those taxes imposed and collected by the national government through the Bureau of Internal Revenue (BIR) while local taxes are those taxes imposed and collected by the local government.

More details about Philippine taxes can be found in BIR Website

TRAIN LAW

In 24th July 2017, the Duterte Administration enacted the "Tax Reform and Inclusion (TRAIN) Law by virtue of Republic Act No. 10963. The TRAIN law is the first package of the comprehensive tax reform program (CTRP) envisioned by President Duterte’s administration, which seeks to correct a number of deficiencies in the tax system making it simpler, fairer, and more efficient.

More details about the TRAIN can be found in Department of Finance (DOF) Website

Philippine Business

Doing business in the Philippines