The Company will generally pay tax at the rate of 28.5% of its net profit if it has an aggregated turnover is under $2 million. Companies with an aggregated turnover in excess of $2 million then the tax rate is 30%.

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• Trusts generally distribute all their net profit to the beneficiaries. Each beneficiary is required to report its distribution on their individual tax return.

• If a Trust decides to retain its profit then it must pay tax at the top marginal tax rate including the Medicare levy which is currently 49%.

• The names of the new, continuing and retiring directors and secretaries

• The TFN, address, and date of birth of all directors and secretaries

• Details of the changes if the persons authorized to act on behalf of the Company have changed

• The date of winding up (if applicable)

• The date of the incorporation (if applicable

• Copies of any agreements or variations to the agreements: Keep a copy of any agreement for the life of the entity plus five years.

• ASIC Corporate key from your annual ASIC invoice

• Business records including books of account (with accounts for each director’s capital contribution, drawings, and share of profit or loss), minutes of annual meetings, memoranda of decisions reached, especially regarding share dividends, director’s fees and allocation or transfers of shares.

• Depreciation worksheets

• FBT schedules

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