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The Tax Offset For Entrepreneurs: A Critical Review Of The 25% Tax Offset Concession For Small Business, John Mclaren

Faculty of Business - Papers (Archive)

From 1 July 2005, small business taxpayers using the Simplified Tax System and with a turnover of $50,000 or less are allowed a tax offset of 25 per cent on their tax payable. If turnover exceeds $50,000, the tax offset phases out at 1 per cent until the turnover reaches $75,000. This tax concession was part of the government's election statement made on 26 September 2004 in which the government stated that it wanted to assist and encourage small business entrepreneurs, particularly those set up from home. The steps involved in calculating the amount of tax offset that can be …