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Queensland, like other states, is liable for certain Commonwealth taxes including the Goods and Services Tax (GST) and Fringe Benefits Tax. In addition, the National Tax Equivalents Regime for Government Owned Corporations and selected business units imposes the equivalent of an income tax on these entities. Based on these taxes, the Queensland Government’s annual Commonwealth tax exposure is over $1 billion.
This exposure means there is a requirement to manage any liability associated with these taxes and the flow-on effects to Queensland’s operating position and balance sheet. Proper management of these Commonwealth and other tax liabilities ensures there is minimal impost to the Queensland community.
- GST Input Tax Credits and GST Liabilities
- Fringe Benefits Tax
- National Tax Equivalents Regime
- Commonwealth tax management
Last reviewed 23 September 2013