"entrepenures" tax Discount

Businesses operating under the Simplified Tax System will now have a 25 per cent discount on the income tax in respect of their business income.

The 25 per cent Entrepreneurs’ Tax Discount has been passed by Parliament and is expected to deliver a benefit to 540,000 Australian small businesses.

Businesses with turnover up to $75,000 will benefit, while those with turnover of $50,000 or less able to claim the maximum 25 per cent. The maximum possible benefit depends on the amount of tax that would otherwise be paid.

The Entrepreneurs’ Tax Discount is expected to cost $1,160 million over the next four years.

[ Makes me feel all warm and fuzzy ]