Small business-what is small business
‘Small business’ is defined differently by regulators in Australia depending on the laws they administer.
an annual revenue of less than $25 million
fewer than 50 employees at the end of the financial year, and
consolidated gross assets of less than $12.5 million at the end of the financial year.
The Australian Taxation Office defines a small business as one that has annual revenue turnover (excluding GST) of less than $2 million. Fair Work Australia defines a small business as one that has less than 15 employees.
Despite these differences, many regulators have informally adopted the definition of ‘small business’ used by the Australian Bureau of Statistics (ABS), which is a business that employs fewer than 20 people.
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