- Statutory Tax Rate30
- Surtax Based on Taxable Income0
- Surtax Based on Statutory Tax0
- Surtax Deductible from Taxable Income0
- Statutory Tax Deductable0
- Effective Tax Rate30
Statutory Tax Rate
Corporate income tax is levied at 30% on income and net capital gains. A reduced rate of 27.5% applies for small and medium-sized corporate tax entities with aggregate annual turnover of less than AUD 25 million from 1 July 2017 and aggregate annual turnover of less than AUD 50 million from 1 July 2018, subject to the condition that no more than 80% of the entity's assessable income for the year is derived from passive forms. The rate for corporate tax entities with aggregate annual turnover of less than AUD 50 million is reduced to 26% from 1 July 2020 and 25% from 1 July 2021.
In addition, from 1 July 2017, a Diverted Profits Tax at the rate of 40% is introduced for profits related to a scheme carried out with the principal purpose, or one of the principal purposes, of obtaining a tax benefit or both to obtain a tax benefit and reduce a foreign tax liability (subject to certain conditions).