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If you are a small business, you also have access to a discount. The discount is 16% of the income tax payable on the business income received from an unincorporated (not company) small business entity. It’s capped at $1,000 per individual for each income year. It’s delivered as a non-refundable tax offset. A tax offset reduces the amount of tax payable on your taxable income in your annual individual tax return. This means it isn’t a cash payment.
Where a partnership incurs a loss for an income year, that loss is an allowable deduction to each partner, based on their interest in the partnership. Being able to deduct your share of a partnership loss is one of the main benefits of using a partnership as a business structure.
Last modified: 25 Aug 2022
Starting a small business
Steps | Progress | ||||
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Is my hobby a business? |
9 mins | ||||
Business structures overview |
5 mins | ||||
Business registrations |
5 mins | ||||
Sole trader structure |
7 mins | ||||
Partnership structure |
10 mins | ||||
Company structure |
13 mins | ||||
Trust structure |
7 mins | ||||
Small business support |
10 mins | ||||
Related courses |
1 mins | ||||
Course Feedback |
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