Tax Laws Amendment (2010 Measures No. 1) Act 2010 (56 of 2010)

Schedule 4   25% entrepreneurs' tax offset

Income Tax Assessment Act 1997

1   Section 61-500

Omit:

Your entitlement to the offset varies depending on what kind of entity you are. The amount of your offset varies depending on whether your aggregated turnover is $50,000 or less or is more than $50,000.

Substitute:

Your entitlement to the offset varies depending on what kind of entity you are. The amount of your offset varies depending on:

(a) whether your aggregated turnover is $50,000 or less or is more than $50,000; and

(b) if you are an individual - whether you (and your spouse, if you have a spouse) have significant income from sources other than your small business.