Small business income tax offset
– A small business?
At a glance:
– Eligible small businesses can access the small business income tax offset of up to $1,000 each year from July 1, 2015.
– Ensure that you are eligible for the small business entity concessions.
– Contact us if you require any clarification or advice.
Small business income tax offset is available from July 1, 2015 for eligible small businesses.
To be eligible for the small business entity concessions, the following requirements must be met:
- Operate a business for all or part of the income year; and
- An aggregated turnover of less than $2 million.
The tax offset will be determined by either the:
- Net small business income earned as a sole trader; or
- Share of net business income from a partnership or trust.
Sole traders with a net business loss will not be entitled to the tax offset.
– The maximum tax offset that can be claimed each year is $1,000.