You can claim the small business income tax offset if you either:
- are a small business sole trader
- have a share of net small business income from a partnership or trust.
From the 2016–17 income year, the small business income tax offset:
- increased to 8%, with a limit of $1,000 each year
- applies to small businesses with turnover less than $5 million.
The tax offset is set to increase to 13% in 2020–21 and to 16% from the 2021–22 income year.
For further information or advice, please contact Silver & Young Chartered Accountants on 1300 621 884 or by emailing email@example.com.