Small Business Income Tax Offset

Overview

The Small Business Income Tax Offset provides unincorporated small businesses with a tax offset of up to $1000 per year. The offset is calculated based on the proportion of tax payable on business income and is worked out by the Australian Taxation Office (ATO).

Eligibility Requirements

Must be carrying on a small business as a sole trader, or have a share of net small business income from a partnership or trust, with aggregated turnover of less than $5 million for the 2016–17 income year onwards.

Who Can Apply

How to Apply

Applications are submitted through the official government portal. Review the eligibility criteria carefully before applying, and ensure all supporting documents are prepared.