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Tax & Super Australia Article – The ATO’s snapshot of the small business sector

The ATO defines small businesses as those entities with an annual turnover of less than $10 million. Its latest data collected on the sector has the following updated facts about this important market.

There are around 4 million small businesses in Australia, they account for 99% of businesses in Australia, contribute $380 billion to the economy, employ approximately 5.6 million Australians, and they are a diverse group
78% of small businesses have no employees
70% have turnover less than $75,000
Around 70% pay their tax on time.

The ATO has also found that 44% of this population are sole traders. The next largest group are companies, followed by trusts and partnerships. Readmore

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Kirby Hawke Chartered Accountants

Lakeside Corporate
Unit 8, 24 Parkland Road
Osborne Park WA 6017

Ph 08 6365 4545 Fax 08 9201 0775

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