Entrepreneurs’ Tax Offset - Income Test Introduced
The Government has presented a Bill in Parliament which proposes to introduce an income test to restrict eligibility to the entrepreneurs’ tax offset. The offset presently provides a 25% tax offset on the income tax liability of small businesses that have an annual turnover of $75,000 or less, phasing out from a turnover of $50,000. The proposed test will restrict access to the offset for single individuals with income of over $70,000 and for families with income of over $120,000.
The Government has presented a Bill in Parliament which proposes to introduce an income test to restrict eligibility to the entrepreneurs’ tax offset. The offset presently provides a 25% tax offset on the income tax liability of small businesses that have an annual turnover of $75,000 or less, phasing out from a turnover of $50,000. The proposed test will restrict access to the offset for single individuals with income of over $70,000 and for families with income of over $120,000.
