This time the Howard Government has really done something to encourage small business and that is HOT NEWS!!

The Entrepreneurs Tax Offset has been set up to help those people who are starting out in business with a low turnover or sales.

Available is a 25% tax offset of income tax liability if your sales are up to $50,000. Above this it starts to phase out between $50,000 and at $75,000 it disappears.

This assistance is available to businesses within the Simplified Tax System. You may ask who are they? Any business whose turnover is below $1 million and whose assets are less than 3 million is eligible to enter the Simplified Tax System.

The maximum possible offset for an entrepreneur taxpayer that has a turnover of $50,000 and pays tax at the company tax rate of 30% is $3,750. If the taxpayer pays tax at individual rates the maximum entrepreneur’s tax offset is $2,750.

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