Tax cuts for small business

As part of the 2015/16 Federal Budget, the government announced that, with effect from 1 July 2015, individual taxpayers with business income from an unincorporated business that has an aggregate annual turnover of less than $2 million will be eligible for a small business tax discount. The discount will be 5% of the income tax payable on the business income received from an unincorporated small business entity. The discount will be capped at $1,000 per individual for each income year and will be delivered as a tax offset.