Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 328.360

  (1)   The amount of your * tax offset is equal to 16% of the following:

where:

"your total net small business income for the income year" means so much of the sum of the following as does not exceed your taxable income for the income year:

  (a)   your * net small business income for the income year, if you are a * small business entity for the income year;

  (b)   an amount referred to in paragraph   328 - 355(b) or (c) that is included in your assessable income for the income year, reduced (but not below zero) by your deductions to the extent that they are attributable to that amount and covered by section   328 - 370.

Note:   If you are under 18 years old, your total net small business income will probably be worked out under section   328 - 375.

  (2)   However, the amount of your * tax offset is $1,000 if the amount worked out under subsection   (1) exceeds $1,000.

Note:   Your tax offset is capped at $1,000 regardless of the number of small business entities that cause you to be entitled to the tax offset for the income year.