A focus of the 2015 federal budget was to provide support to small businesses through a range of measures. One such measure to have recently received Royal Assent was that, from 1 July 2015, eligible unincorporated small businesses will be entitled to a 5% tax offset capped at $1,000. An individual taxpayer will be eligible where they have business income from an unincorporated business, and aggregated annual turnover for that business is less than $2 million.
The ‘small business tax offset’ is available to individuals who are small business entities (SBE), beneficiaries of a trust that is a SBE, or partners who are in a partnership that is a SBE. If you would like further information please contact our office to speak to one of our accountants.
Contributed by: Campbell Liggins