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_taxj16(Newbie)Newbie
18 Feb 2021

I understand that for 2019-20 income year, the base entity tax rate is 27.5% but this will be reducing to 26% in the 2020-21 income year. For base rate entity companies with income years ending 31 December 2020 (early balancers), what is the correct tax rate to apply?

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1,177 views
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StephATO(Community Support)Community Support
22 Feb 2021

Hiya @taxj16,

Because you are an early balancer, meaning the 31st of December 2020, is your 2021 financial year. And the tax rate that applies is the rate for 2021.

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Most helpful reply

StephATO(Community Support)Community Support
22 Feb 2021

Hiya @taxj16,

Because you are an early balancer, meaning the 31st of December 2020, is your 2021 financial year. And the tax rate that applies is the rate for 2021.

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Base rate entity company tax rate for 31 December 2020 income year | ATO Community