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  • Small business income tax offset calculator

    The Small business income tax offset can reduce the tax payable on your small business income by up to $1000 per year.

    What this calculator does

    This calculator works out the income amounts you need to answer the questions for the Small business income tax offset in your tax return. It will not calculate your offset amount.

    Who can use this calculator

    Use this calculator if you are an individual who is a:

    • sole trader that is a small business entity
    • partner in a partnership that is a small business entity
    • beneficiary of a trust that is a small business entity.

    See also:

    Who cannot use this calculator

    You cannot use this calculator if you are a:

    • partnership or a trust
    • trustee on behalf of a beneficiary
    • minor beneficiary (you are under 18 years old and not an excepted person).

    Information you need before using the calculator

    If you are a sole trader, you will need details of:

    • your business income as well as any farm management repayments
    • any deductions you are entitled to claim as well as any farm management deposits
    • losses you have shown in your income tax return.

    If you are a partner or beneficiary you will need details of:

    • your share of net small business income from your distribution statement
    • any deductions you are entitled to claim against your share of net small business income as well as any farm management deposits
    • details of any farm management repayments or other amounts included in your income because you were a partner or beneficiary.
    Start using the calculator

    Help using the calculator

    For guidance when answering the calculator questions, you can:

    • click on the Help button at the top right-hand corner of the screen
    • hover over the '?' at the end of a question.

    See also:

    Using the calculator

    The calculator should take 5–10 minutes to complete.

    Information you provide in the calculator is not stored on our systems. However, any answers you enter into myTax will be recorded as part of your income tax return.

    You can save or print your calculator results for your personal records.

    See also:

    If you are using myTax

    Your offset amount will be reflected in your estimated tax refund or tax payable amount, but will not be shown separately.

    If you are entitled to the Small business income tax offset, it will be shown separately on the Notice of assessment.

    Start using the calculator

     

    Last modified: 01 Jul 2016QC 49549