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Small business income tax offset - SBITO

If you're a sole trader carrying out a business, you may be eligible for a small business tax offset. You can claim up to $1000 a year, and your offset is calculated based on the net small business income for the tax year.

Use this workpaper to enter the net small business income at Item 15A, so we can calculate the tax offset based on that.

You can access this worksheet from the Tax workpapers & schedules drop-down on the right-side panel.

To calculate the small business tax offset

  1. Answer the eligibility question.

  2. Any business income from Item 15B, 15C, 17D, 17N & 17R from the tax return will integrate into this workpaper.

  3. Under the Add section, enter any other income that needs to be included to calculate the offset.

  4. Under the Subtract section, include any deductions.

  5. Review the total Net small business income.

  6. The eligible tax offset will be displayed in the Tax Estimate section of the tax return.