18 Feb 10 Entrepreneurs' tax offset - income test for non-small business income
Tax Laws Amendment (2010 Measures No 1) Bill 2010 was introduced into parliament on the 10 February 2010. It introduced an income test to the eligibility criteria for the entrepreneurs' tax offset (ETO). Under the proposed income test, the ETO amount will be reduced where the income test amount exceeds the following thresholds:
- $70,000 for singles
- $120,000 for families.
This income test was originally to apply from 1 July 2008; however, in the 2009-10 budget, the government announced they would defer implementing the new income test until 1 July 2009.
For the ATO advice on the changes, go here