Eligibility for the Entrepreneurs Tax Offset?

In the 2009 and the 2010 income years, the eligibility for the Entrepreneurs Tax Offset in unaffected by your other income. However, the Government is looking to change that, whereby sole traders with a certain level of other income or family income may become ineligible for the offset.

As at 10th July 2009, no legislation has passed to this effect, and the Government have not spelled out their intentions for the 2010/11 income year with regards to the Entrepreneurs Tax Offset.

For more information, visit http://www.ato.gov.au/taxprofessionals/content.asp?doc=/content/00141568.htm.