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Tax discount for unincorporated small businesses

To drive small business growth, the Government’s 5 per cent tax discount for unincorporated small businesses with an annual turnover of less than $2 million will take effect from 1 July 2015. The discount will be capped at $1000 per individual for each income year and will be delivered as a tax credit in their tax return.

It is expected to deliver a tax cut of $1.8 billion over the next four years.

Individual taxpayers can still calculate their business income the same way and then add a 5 per cent discount on the income tax payable on the business income.

The tax discount builds on the success of the first two small business bills passed through the Senate, where all small businesses gained access to an immediate tax deduction for assets costing less than $20,000 and small companies with an annual turnover of less than $2 million were handed a 1.5 per cent tax cut.

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