Small business income tax offset
Are you?
– 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.
You should:
– 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.
Remember:
– The maximum tax offset that can be claimed each year is $1,000.
This article was published on 30/10/2016 and is current as at that date
This article is not a substitute for independent professional advice. We do not warrant the accuracy, completeness or adequacy of the information or material in this article. All information is subject to change without notice. We and each party providing material displayed in this article disclaim liability to all persons or organisations in relation to any action(s) taken on the basis of currency or accuracy of the information or material, or any loss or damage suffered in connection with that information or material. You should make your own enquiries before entering into any transaction on the basis of the information or material in this article. Please ensure you contact us to discuss your particular circumstances and how the information provided applies to your situation.