--- title: Business Taxes in Australia Explained description: If you’re looking to set up a business in Australia, it’s important that you learn the tax system. What are the taxes you will have to pay in Australia? image: https://www.altusfinancial.com.au/hubfs/Blog-images/6-Essential-Strategies-to-Start-Your-Succession-PlanningFEATURED.jpg --- [![Logo](https://www.altusfinancial.com.au/hubfs/Logo.svg "Logo")](https://www.altusfinancial.com.au/) - [![](https://www.altusfinancial.com.au/hubfs/1.%202017%20Assets/Dark_Phone.svg)](tel:+61289083444) [![Talk with us](https://no-cache.hubspot.com/cta/default/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36) ##### Accounting & Business Services ##### Wealth Services ##### Lending Sources ##### [Need Real-life Advice?](https://www.altusfinancial.com.au/request-a-consultation) [![Talk with us](https://no-cache.hubspot.com/cta/default/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36) [![page-1 (5)](https://www.altusfinancial.com.au/hubfs/page-1%20(5).svg "page-1 (5)")](https://www.altusfinancial.com.au) - ![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/group-14%20(1).svg)![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/group-17%20(1).svg) - ##### MENU - [![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/phone-call%20(6).svg)![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/phone-call-2.svg)](tel:1300832962) - ##### MENU [![Talk With Us](https://no-cache.hubspot.com/cta/default/512115/11099956-4246-4311-83f2-64fc6560f370.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/11099956-4246-4311-83f2-64fc6560f370) - [![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/phone-call-2%20(1).svg)](tel:+61%202%208908%203444) - ![](https://www.altusfinancial.com.au/hubfs/close.svg) CLOSE - [Instagram](https://www.instagram.com/altus_financial/) - [LinkedIn](https://www.linkedin.com/company/2339369/admin/) - [Facebook](https://www.facebook.com/AltusFinancial/) - [Business (242)](https://www.altusfinancial.com.au/blog/topic/business) - [Strategy (150)](https://www.altusfinancial.com.au/blog/topic/strategy) - [Wealth (142)](https://www.altusfinancial.com.au/blog/topic/wealth) - [Super (56)](https://www.altusfinancial.com.au/blog/topic/super) - [CFO (48)](https://www.altusfinancial.com.au/blog/topic/cfo) - [Growth (38)](https://www.altusfinancial.com.au/blog/topic/growth) - [Business Succession (25)](https://www.altusfinancial.com.au/blog/topic/business-succession) [![Helpful Resources](https://no-cache.hubspot.com/cta/default/512115/11b7293b-309b-4f1b-af85-27ec1dd19a35.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/11b7293b-309b-4f1b-af85-27ec1dd19a35) Request a Consultation - Close![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/close%20(3).svg) ## Request a Consultation - [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth) - [Super](https://www.altusfinancial.com.au/blog/topic/super) - [Tax](https://www.altusfinancial.com.au/blog/topic/tax) # [Division 296 tax: what high-balance super members need to do now](https://www.altusfinancial.com.au/blog/division-296-tax-what-high-balance-super-members-need-to-do-now) From 1 July 2026, Division 296 will introduce additional tax on superannuation balances above $3 million. 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For high-balance super members, it’s something more significant — a shift that could reshape how sup..... ###### Altus Team #### Latest Posts [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth), [Super](https://www.altusfinancial.com.au/blog/topic/super), [Tax](https://www.altusfinancial.com.au/blog/topic/tax) ##### [Division 296 tax: what high-balance super members need to do now](https://www.altusfinancial.com.au/blog/division-296-tax-what-high-balance-super-members-need-to-do-now) [Business](https://www.altusfinancial.com.au/blog/topic/business), [FBT](https://www.altusfinancial.com.au/blog/topic/fbt), [Accounting](https://www.altusfinancial.com.au/blog/topic/accounting) ##### [Common FBT Questions and Answers](https://www.altusfinancial.com.au/blog/common-fbt-questions-and-answers) [Super](https://www.altusfinancial.com.au/blog/topic/super), [Business](https://www.altusfinancial.com.au/blog/topic/business) ##### [Pay Day Super Is Coming: What SMEs Should Be Doing Now](https://www.altusfinancial.com.au/blog/pay-day-super-is-coming-what-smes-should-be-doing-now) [Lending](https://www.altusfinancial.com.au/blog/topic/lending) ##### [Supporting the Next Generation into Property](https://www.altusfinancial.com.au/blog/supporting-the-next-generation-into-property) [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth), [Budget](https://www.altusfinancial.com.au/blog/topic/budget), [Risk](https://www.altusfinancial.com.au/blog/topic/risk) ##### [Rising Insurance Premiums: What’s Really Going On, and What You Can Do About It](https://www.altusfinancial.com.au/blog/rising-insurance-premiums) [Business](https://www.altusfinancial.com.au/blog/topic/business), [International Business](https://www.altusfinancial.com.au/blog/topic/international-business) - 3 min read ## [Business Taxes in Australia Explained](https://www.altusfinancial.com.au/blog/business-taxes-in-australia-explained) ###### Marc Walsh - SHARE: - [**](http://www.linkedin.com/shareArticle?mini=true&url=https://www.altusfinancial.com.au/blog/business-taxes-in-australia-explained) - [**](https://www.twitter.com/share?url=https%3A%2F%2Fwww.altusfinancial.com.au%2Fblog%2Fbusiness-taxes-in-australia-explained) - [**](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.altusfinancial.com.au%2Fblog%2Fbusiness-taxes-in-australia-explained)   Transcript ## Business Taxes in Australia Explained If you’re looking to set up a business in Australia, it’s important that you learn the tax system. Not all taxes will impact your business, but you should become familiar with income, capital gains, and fringe benefits taxes. You’ll also need to know about payroll and land taxes as well as customs and stamp duties. Let’s take a closer look at each of these taxes.   ### **Income Tax** **Income Taxes** account for 67% of federal government revenue in Australia. As an employer, you’re responsible for withholding income tax from your staff’s wages and salaries. You’ll collect your employees’ tax file numbers so you can accurately withhold the correct amount of taxes from their pay.   ### **Capital Gains Tax** **Capital Gains Taxes** are paid by both individuals and companies. Your CFO will need to keep track of your business’s capital gains so they can be accurately reported on your tax filing each year.   ### Fringe Benefits Tax **Fringe Benefits Taxes** must be paid on most non-cash benefits that employers give to their employees. These taxes are most commonly applied to benefits like company cars and other expense payments. Fringe benefits should be reported on the PAYG payment summary along with regular income.   [![New Call-to-action](https://no-cache.hubspot.com/cta/default/512115/82e78c3c-1b14-4da6-813b-abeaa1c8e1e2.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/82e78c3c-1b14-4da6-813b-abeaa1c8e1e2)   ### Dividends Tax **Dividends** paid by Australian companies are also taxed as income. If your company pays dividends to shareholders or employees, you’ll need to report those for tax purposes. So far we’ve talked about taxes associated with income. Now let’s talk about indirect taxes like payroll tax, land tax, and customs and stamp duties.   ### **Payroll Tax** **Payroll Taxes** must be paid by employers whose total Australian wages exceed the current monthly threshold. The payroll tax is a percentage of taxable wages paid within a certain jurisdiction, like New South Wales for example.   ### Land Tax **Land Taxes** are levied on owners of land in all Australian States over a particular threshold. If your business owns land, you will need to pay these taxes, whether or not income is earned from the property.   ### Customs Duty **Customs Duty** is especially important for businesses involved in importing and exporting. From July 2017, all physical goods will be subject to customs duty.   ### Stamp Duty **Stamp Duty** is a tax levied by states and territories on the purchase of property. Your business will have to pay stamp duty based on purchase price, location, and loan purpose.   [![New Call-to-action](https://no-cache.hubspot.com/cta/default/512115/2be6f42c-ce58-4025-bbe4-5b97af9b2c69.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/2be6f42c-ce58-4025-bbe4-5b97af9b2c69) ### **Could Your Business Benefit from an Outsourced CFO?** Set your business on the right path with this simple guide. [Access the Guide](https://www.altusfinancial.com.au/cfo-landing-page) ![Could Your Business Benefit From an Outsources CFO_Resources](https://www.altusfinancial.com.au/hs-fs/hubfs/1.Offers/Could%20Your%20Business%20Benefit%20From%20an%20Outsourced%20CFO/Could%20Your%20Business%20Benefit%20From%20an%20Outsources%20CFO_Resources.jpg?width=582&height=386&name=Could%20Your%20Business%20Benefit%20From%20an%20Outsources%20CFO_Resources.jpg) ## Financial insights you won’t delete. 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