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MR BLAKEFIELD. REGAL CAPITAL. FLORIDA.
OUR JURISDICTIONS —
Corporate Tax
LAST UPDATED 24/05/2023
AT A GLANCE
Introduction
If you’re doing business in Australia, or planning to do so, it’s important to understand the country’s corporate tax laws. Here’s what you need to know:
Overview
Companies that are residents of Australia are subject to Australian income tax on their worldwide income. Meanwhile, non-resident companies are typically taxed only on income sourced from Australia, unless they qualify for an exemption under a double taxation agreement (DTA).
Corporate Tax Rates
All companies in Australia are subject to a federal tax rate of 30% on their taxable income. However, small or medium-sized businesses are subject to a reduced tax rate of 25%, provided that their total annual turnover (along with certain connected entities) is less than AUD 50 million.
To ensure integrity, companies must also meet strict requirements to qualify for the reduced tax rate, including a limit on the percentage of passive income they derive.
Local Income Taxes
There are no state or municipal taxes on income in Australia, which simplifies the tax system for businesses operating in the country.
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STEP TWO
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STEP THREE
Each Tax Native has to accept a question from an Explorer before a conversation can begin. Once the Tax Native has accepted your question, a quote will be submitted for approval through the messaging portal.
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