How Much Tax Does A Small Business Pay In Australia?

In Australia, the tax obligations for small businesses vary based on their income and structure. Generally, small businesses with an annual turnover under $10 million benefit from a reduced corporate tax rate of 25%, compared to the standard rate of 30%. For sole traders and partnerships, tax is calculated based on the individual tax rates, which range from 0% to 45% depending on the income level. Additionally, businesses may be liable for Goods and Services Tax (GST) if their turnover exceeds $75,000 annually. It's crucial for small business owners to stay informed about tax changes and consult with a tax professional to ensure compliance and optimize their tax position.

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