Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 107

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 107
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 and $118,508 for the years ended September 30, 2022 and 2023, respectively, primarily as a result of net variances of
the exchange rate between the Australian dollars and Hong Kong dollars on Australian dollar-denominated transactions. During the years
ended September 30, 2022 and 2023, the foreign currency fluctuations on the Company are not hedged by any currency borrowings or other
hedging instruments.

Income Tax Expense

The Company is subject
to income taxes on an entity basis on income arising in or derived from the tax jurisdiction in which each entity is domiciled.

Cayman Islands
and British Virgin Islands (“ BVI”)

The Company is incorporated
in the Cayman Islands and its wholly-owned subsidiary is incorporated in BVI. Under the current laws of the Cayman Islands and the BVI,
these entities are not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in
the Cayman Islands and the BVI.

Hong Kong

The Company generated
substantially all of its taxable income in the Hong Kong for the years ended September 30, 2022 and 2023. Accordingly, tax expenses records
in the Company’s result of operations are almost entirely attributable to income earned in the Hong Kong.

The Hong Kong profits
tax is calculated at 8.25% on the first HK$2 million of the estimated assessable profits and at 16.5% on the estimated assessable profits
above HK$2 million.

The effective tax
rates on income before income taxes for the years ended September 30, 2022 and 2023 were approximately 13.5% and 15.1%, respectively.

Australia

Australian companies
are subject to a corporate income tax rate of 30% on their taxable income, other than those classified as a “base rate company”,
which are businesses with revenue of less than A$50 million (US$78 million) that are subject to a reduced corporate income tax rate of
25%. For the years ended September 30, 2022 and 2023, the Company was not considered a taxable Australian company.

New Zealand

New Zealand companies
are subject to a corporate income tax rate of 28% on their taxable income. For the years ended September 30, 2022 and 2023, the Company
was not considered a taxable New Zealand company.

Net Income

Our net income increased
by 33.