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  • Grants up for Grabs

    30 August at 17:29 from atlas

    This is good news for Aussie entrepreneurs. You may be eligible for a handy tax offset, up to a quarter of the tax owed. 

     

    If you are a start up you have an opportunity to get a slice of some money action with the new "Entrepreneurs Tax Offset".

     

    This is an initiative of the Australian Tax Office and means a possible tax offset up to 25% of a small business's income tax liability.

     

    The catch is that is just for entrepreneurs starting out, because the offset starts to phaser out once your business turnover exceeds $50,000 and ceases once your turnover surpasses $75,000.

     

    According to the BRW, Entrepreneurs who wear a couple of hats may be eligible to get more than one offset.

     

    "For example, sole traders carrying on a business while also acting as a partner in a separate business partnership may be entitled to a tax offset for their share of the small business income from the partnership."

     

    So if you are a sole trader, partnership or trust and have made a profit in the last financial year, ask your local accountant about the grant.

 

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