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Small business tax offset 

August 2016

From the 2016 year onwards individuals are entitled to a tax offset if they are classified as a small business entity (SBE) in their own right or they derive income from a partnership or trust that is a SBE. 

From the 2016 year onwards individuals are entitled to a tax offset if they are classified as a small business entity (SBE) in their own right or they derive income from a partnership or trust that is a SBE. 

In very broad terms, the tax offset is equal to 5% of the individual's tax liability for the year which relates to their net small business income. 

The tax offset is capped at $1,000 for the 2016 income year. 

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Disclaimer

This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.

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