You will be entitled to the small business income tax offset for the year ended 30th June 2019 if you carry on a business and your aggregated turnover for the 2019 year is less than $5 million. The offset rate is 8% of the income tax payable on the portion of the individuals taxable income that is their “total net small business income”.
The ATO will work out the offset based on the net small business income as a sole trader and share of net small business income from a partnership or trust, as reported in the income tax return.
If you have queries as to your entitlement of the small business income tax offset for the year ended 30th June 2019, contact your working professional at Coffs Coast Consulting.
