13 Jan 1010 Draft legislation to introduce an income test for the Entrepreneurs' Tax Offset
As part of the 2008-09 Budget, the Government announced that it would introduce an income test into the eligibility criteria for the Entrepreneurs' Tax Offset (ETO) to reduce the offset that could be claimed by those taxpayers with other significant sources of income (income not referable to the relevant small business).
In the 2009-10 Budget the Government deferred the income test's start date from 1 July 2008 to 1 July 2009 to ensure that the proposed income test commences at the same time as, and is consistent with, the Government's broader means testing reforms, also announced in the 2008-09 Budget.
On 18 December 2009, Treasury released draft legislation to introduce an income test into the eligibility criteria for the ETO, together with explanatory material.
Submissions were requested by Friday 15 January 2010.
For a copy of the draft legislation and explanatory material, go here