Tax reporting and tax rates

A company must apply for its own tax file number and use it when lodging its annual tax return. Companies must lodge an annual company tax return showing income, deductions and income tax they are liable to pay.

A company may carry forward a tax loss incurred in one income year as a deduction against its assessable income in subsequent years. This is provided certain tests are met.

A company pays income tax on its assessable income (profits) at the company tax rate. This is currently 25% for small business companies with an aggregated annual turnover of less than $50 million. Companies may be eligible for tax concessions.

Starting a small business

Steps Progress

Is my hobby a business?

9 mins

Business structures overview

5 mins

Business registrations

5 mins

Sole trader structure

7 mins

Partnership structure

10 mins

Company structure

13 mins

Trust structure

7 mins

Small business support

10 mins

Related courses

1 mins

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