SMSF – ATO finalises its position in relation to event-based reporting
After detailed consultation with the self-managed super fund (SMSF) sector, the ATO announced today that its i
From 2015–16, an individual is entitled to a tax offset on the tax payable on their share of net small business income earned by a sole trader, partnership or trust that is a small business entity.
Sole traders, partnerships and trusts that are small business entities need to work out their net small business income as well as the partner’s and beneficiary’s share of that income.
Individual taxpayers with business income from an unincorporated business that has an aggregated annual turnover of less than $2 million will be eligible for a small business tax discount. The discount will be five percent of the income tax payable on the business income received from an unincorporated small business entity.
The discount will be capped at $1,000 per individual for each income year, and delivered as a tax offset.
The start date for this measure is the 2015–16 income year.