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.
