Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 101

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 101
---
man 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, 2023 and 2024. 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, 2023 and 2024 were approximately 15.1% and 14.3%, 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, 2023 and 2024, 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, 2023 and 2024, the Company
was not considered a taxable New Zealand company.

Net Income

Our net income increased
by 24.3% to $1,339,008 for the year ended September 30, 2024, as compared to $1,077,392 for the year ended September 30, 2023. The increase
in net income was predominantly due to increased gross profit.

  60  

  Table of Contents  

Year Ended September 30, 2023 Compared
to Year Ended September, 2022

Comparison of Year Ended September
30, 2022 and 2023

                                                  Years ended September 30,                                                  
                                                  2022                                                                       
                                                  $                                                                          
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Revenue                                                                                                                    
  Integrated cross-border logistics services                                     19,444,182      16,872,539      (2