INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 328 - Small business entities  

Subdivision 328-F - Small business income tax offset  

Operative provisions

SECTION 328-360   Amount of your tax offset  

328-360(1)  


The amount of your *tax offset is equal to 8% of the following:


Your total net small business income for the income year
×

Your basic income tax liability for the income year
Your taxable income for the income year

where:

your total net small business income for the income year
means so much of the sum of the following as does not exceed your taxable income for the income year:


(a) your *net small business income for the income year, if you are a *small business entity for the income year;


(b) an amount referred to in paragraph 328-355(b) or (c) that is included in your assessable income for the income year, reduced (but not below zero) by your deductions to the extent that they are attributable to that amount and covered by section 328-370 .

Note:

If you are under 18 years old, your total net small business income will probably be worked out under section 328-375 .

328-360(2)  
However, the amount of your *tax offset is $1,000 if the amount worked out under subsection (1) exceeds $1,000.

Note:

Your tax offset is capped at $1,000 regardless of the number of small business entities that cause you to be entitled to the tax offset for the income year.


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