What is it?
The small business income tax offset (also known as the unincorporated small business tax discount) can reduce the tax you pay by up to $1,000 each year.
The offset is worked out on the proportion of tax payable on your business income
To be eligible, you 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 and have a turnover less than $5 Million.
We'll work out your offset based on your business income. We use your:
- net small business income you earned as a sole trader
- share of net small business income from a partnership or trust.
How do I get it?
We calculate your offset using information from your tax return. No additional information is required from you to calculate this.