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How does tax change for different business structures?

How does tax change for different business structures?

Starting a business? Find out what you need to know about tax.

Your tax responsibilities will change with your business structure.

You're not locked into any structure, so you can change the structure as your business changes and grows.

There are four commonly used business structures in Australia, according to the Australian Taxation Office (ATO) website - sole trader, partnership, company and Trust.

Understanding the obligations for each business structure could be the first step to help you decide which structure suits your business at any time.

For the most up-to-date information on the tax obligations of different business structures, you can refer to the ATO website.

Taxation considerations are general and based on present taxation laws and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information. Commonwealth Bank of Australia is also not a registered tax (financial) adviser under the Tax Agent Services Act 2009 and you should seek tax advice from a registered tax agent or a registered tax (financial) adviser if you intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law.