Source: Australian Tax Forum Journal Article
Published Date: 1 Apr 2022
Having a basic understanding of the tax system would seem to be part of the knowledge base required for those wishing to run a small business, as owners are likely to be key decision-makers. However, our understanding of the level of tax literacy for Australian small businesses is scant. This article reports the findings of a survey seeking to measure the tax literacy of Australian small business owners in the largest part of the Australian economy, the service sector. The findings suggest that a majority of the businesses surveyed have a business tax literacy level of poor or low, which brings into question their ability to meet and budget for their tax obligations.
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