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Tax discount for unincorporated small businesses

Posted on Jun 29, 2015 by editor

To drive small business growth, the Government’s 5 per cent tax discount for unincorporated small businesses with an annual turnover of less than $2 million will take effect from 1 July 2015. The discount will be capped at $1000 per individual for each income year and will be delivered as a tax credit in their tax return.

It is expected to deliver a tax cut of $1.8 billion over the next four years.

Individual taxpayers can still calculate their business income the same way and then add a 5 per cent discount on the income tax payable on the business income.

The tax discount builds on the success of the first two small business bills passed through the Senate, where all small businesses gained access to an immediate tax deduction for assets costing less than $20,000 and small companies with an annual turnover of less than $2 million were handed a 1.5 per cent tax cut.

ATP Accounting knows what it takes to run a successful business. They will position you at the cutting edge of business growth.
Take the step and get help to grow your business, minimise tax and protect your hard-earned assets.
Call us today on (02) 8850 3888, send us an email to or send us a message here.

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