In Australia, companies are taxed on their taxable income, which is calculated as their assessable income minus allowable deductions. The tax rate for companies is currently 27.5% for companies with an annual taxable income of less than AUD 50 million, and 30% for companies with an annual taxable income of AUD 50 million or more. In addition to company tax, Australian companies may also be subject to Goods and Services Tax (GST), Pay-As-You-Go (PAYG) withholding tax on employee salaries, and Fringe Benefits Tax (FBT) on certain benefits provided to employees.