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13 May 08 Entrepreneurs’ tax offset - restrict eligibility through an income test

The Government will introduce an income test for the entrepreneurs’ tax offset (ETO), with effect from 1 July 2008. The measure reduces the existing concession and tax expenditure through better targeting. The ETO provides a  25% tax offset for small businesses with annual turnover of less than $75,000, which begins to phase out for turnover greater than $50,000. The income test will focus the benefit of the ETO towards genuine small businesses, by restricting eligibility for singles from $75,000 and families from $120,000 adjusted taxable income per year.

For a copy of the Treasurer's press release, No 2008/50, 13 May 2008, go here

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