How much tax do small businesses pay in Australia?

@fredrick 

The tax requirements for small businesses in Australia can vary based on various factors such as the business structure, turnover, and eligibility for certain tax concessions. Here are some key points:

1. Company Tax Rate: Small businesses operating as companies are subject to a flat company tax rate of 26% for the 2020-2021 financial year. This rate reduces to 25% from the 2021-2022 financial year onwards.
2. Simplified Tax Reporting: Small businesses with an annual turnover of less than $10 million may be eligible for simplified tax reporting measures, known as the Simplified Tax System (STS). STS offers simplified depreciation, trading stock, and other taxation rules.
3. Small Business Entity Concessions: Businesses with an annual turnover of less than $10 million can access various small business entity concessions. These concessions include immediate deductibility for certain pre-paid expenses, simplified trading stock rules, and simplified capital gains tax (CGT) concessions.
4. Goods and Services Tax (GST): Businesses with an annual turnover of $75,000 or more must register for Goods and Services Tax (GST). The current GST rate is 10%, and businesses collect GST on their sales and claim credits for the GST paid on their purchases.

It is important to note that tax obligations can be complex, and it is advisable for small business owners to consult with a tax professional or the Australian Taxation Office (ATO) for specific advice tailored to their circumstances.