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Small business income tax offset

The small business income tax offset can reduce the tax you pay by up to $1,000 each year. It is available from the 2015–16 income year.

We will work out your offset based on the amounts you show in your income tax return. These are your:

  • net small business income that you earned as a sole trader
  • share of net small business income from a partnership or trust.

To be eligible for the offset as a sole trader, you must be a small business entity. If you have a share of net small business income from a partnership or a trust, that partnership or trust must be a small business entity.

Use the Small business income tax offset calculator to work out the amounts you need to include in your tax return.

Source: The Australian Tax Office


small business income tax offset

Why choose BTACS for your Individual Tax Return?

  • Maximise your tax refund
  • Get the right advice from friendly Qualified Professionals
  • Get you tax return FAST with ATO Electronic Lodgment
  • A CPA Qualified Accountant will review your tax return prior to lodgment
  • Feel confident knowing that your tax return is being lodged by Qualified Tax agents
  • Our comprehensive checklist ensures that you’re claiming everything you are entitled to
  • Using Fee From Refund, we can lodge your tax return with no upfront fee
  • Late or Overdue Tax Returns? We can organise to lodge your overdue tax returns

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To answer your inquiries. Please call us on 07 3391 6444 to discuss how we can help you get it rightClick here to get in touch and make an appointment to see us today.

 

Whilst the Information is considered to be true and correct at the date of publication, changes in circumstances after the time of publication may impact on the accuracy of the Information. The Information may change without notice and BTACS is not in any way liable for the accuracy of any information printed and stored or in any way interpreted and used by a user. Always check www.ato.gov.au for the latest changes on tax law.