A quick tax guide for business

Obligation	Do you need to apply or register?		How do you apply or register?	What ongoing reporting responsibilities will you have?	When do you lodge and pay (or claim a refund)?
Tax file number	Individuals in business use their individual tax file number. Partnerships, trusts and companies need to apply for a separate tax file number.		You can complete and lodge an application for an ABN and TFN for a company, partnership or trust online at www.abr.gov.au Individuals can’t apply for a tax file number online. You can also obtain tax file number and ABN application forms: online or by phoning 13 28 66 for a paper application.	You have to apply for a tax file number only once. If you carry on a business, you will be expected to lodge annual income tax returns.	Not applicable
Australian business number (ABN)	If you are in business you should register for an ABN.			Any entity (sole trader, partnership, company or trust) needs to apply for an ABN only once. If you carry on a business, we will send you activity statements. You must complete and return them by the due date.	Not applicable
Pay as you go (PAYG) instalments (towards your income tax)	You don’t need to register.		Not applicable	After you lodge an income tax return, we will tell you if you need to make PAYG instalments towards your income tax. You report instalments on your activity statement and also have to lodge an annual income tax return.	You report and pay PAYG instalments by the due date shown on your activity statement. You may have to make a balancing payment when you lodge your annual income tax return, which is usually due by 31 October.
Goods and services tax (GST)	If you are carrying on a business (enterprise), you must register for and collect GST if your annual turnover is $75,000 or more ($150,000 or more if you are a non-profit organisation) or you are otherwise required to register. You can still register if your turnover is less than this amount.		The ABN application form contains a section for registering for GST, wine equalisation tax, luxury car tax, PAYG withholding and fringe benefits tax. If you already have an ABN and need to register for any of these other obligations, you can do this: online if you are set up to use our online services by obtaining the form Add a new business account (NAT 2954) online, or by phoning 13 28 66.	Businesses registered for GST need to lodge an activity statement.	You report and pay GST, and claim any GST credits, by the due date shown on your activity statement. Most small businesses report GST quarterly, but some choose, or are required, to report monthly. Others may be eligible to report annually and pay by instalments, or report and pay annually.
Wine equalisation tax and luxury car tax	You have to register only if you are in the wine industry or sell luxury cars.			You report any wine equalisation tax and luxury car tax liabilities on your activity statement.	You pay wine equalisation tax and luxury car tax by the due date shown on your activity statement.
PAYG withholding	You must register for PAYG withholding if you make payments you have to withhold from, for example, payments of salary or wages to employees.			You report amounts withheld from payments on your activity statement. You also have to lodge an annual payment summary statement.	You pay amounts withheld quarterly (smaller businesses) or monthly, when your activity statement is due. You may have to make a balancing payment when you lodge your annual PAYG payment summary statement, which is due by 14 August.
Fringe benefits tax	You have to register for fringe benefits tax only if you provide benefits to employees and have to pay fringe benefits tax.			You may have to lodge an annual fringe benefits tax return and may have to pay quarterly instalments on your activity statement.	You may have to pay quarterly instalments when your activity statement is due. You may have to make a balancing payment when you lodge your fringe benefits tax return, which is due by 21 May.
Superannuation guarantee	You don’t need to register, but every quarter you are required to pay a minimum level of superannuation for eligible employees (for superannuation guarantee purposes, this includes directors and some contractors you engage). The minimum level is 9% of an employee’s earnings base.		Not applicable	You must lodge a Superannuation guarantee charge statement if you don’t pay enough superannuation for eligible employees by the quarterly cut-off dates.	You pay the superannuation guarantee charge when you lodge a Superannuation guarantee charge statement.
Fuel tax credits	Certain businesses may be able to claim for specified eligible activities. They will need to register for fuel tax credit and must also be registered for GST.		The ABN application form contains a section to register for fuel tax credit. If you already have an ABN, phone 13 28 66.	You can claim fuel tax credits on your activity statement.	You should lodge your activity statement by the due date shown on the form

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