Tax & you (187) 90 percent of income tax paid voluntarrily by small business

New figures released by the Australian Taxation Office (ATO) today estimate that almost 90% of income tax from small businesses is paid voluntarily or with little intervention from the ATO.

Loc Trinh Source: SBS Vietnamese

“This shows that the vast majority of small businesses in the tax system are trying to do the right thing,” Deputy Commissioner Deborah Jenkins said.

“Small businesses make up more than 99% of all Australian businesses. They contribute $380 billion to the economy each year and employ around five million people”, Ms Jenkins said.

“Considering how much small businesses have on their plate, we’re grateful for the level of work they put in to get their tax right.”