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  • Working out your offset

    We will work out your offset based on your total net small business income. The offset is worked out based on the proportion of tax payable relating to your total net small business income.

    Your offset will be 8% of the following amount up to the limit of $1,000:

    'Your total net small business income for the income year' divided by 'Your taxable income for the income year' multiplied by 'Your basic income tax liability for the income year'.

    If your total net small business income is greater than, or equal to, your taxable income, your offset will be 8% of your basic income tax liability for the year. The offset amount will be shown separately on your notice of assessment.

      Last modified: 18 Jun 2019QC 49023