Running a business: tax obligations

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Running your business

When you go into business, it is important to understand your tax obligations. You may be liable for various Australian, state or territory, and local government taxes depending on the size and location of your business.

Paying taxes is an important community responsibility for a business. Governments use tax revenue to provide the community with services. Infrastructure such as roads, ports, water, power and communication are important for many businesses to operate effectively. Tax provides the major revenue for the development and maintenance of infrastructure.

  • Fact 15

    Primary industry suffered severely in the 1930s due to drought and the Depression, so the government introduced three new taxes to support farmers: the flour tax, the wool tax and the apple and pear tax.

Eligible rollover fund (ERF)

A regulated superannuation fund or an approved deposit fund.

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