Small Business Income Tax Offset

About this grant

The Small Business Income Tax Offset provides unincorporated small businesses with a tax offset.

Eligibility requirements

All of the following criteria must be met:

• Unincorporated small businesses.
• The small business income tax offset provides small businesses with a tax offset of up to $1000 per year. the offset is worked out on the proportion of tax payable on your business income.
• The australian taxation office (ato) will work out the amount of your offset based on your business income.
• Be carrying on a small business as a sole trader, or have a share of net small business income from a partnership or trust
• Have an aggregated turnover of less than $5 million for the 2016–17 income year onwards
• Support for employers who hire an eligible unemployed queenslander

What the funding covers

• Tax offsets of up to $1K per year.

How to apply

1. 1Confirm readiness: Ensure you meet criteria (e.g., ABN, turnover limits, GST registration), align project objectives with grant goals, and estimate time for evidence gathering and writing.
2. 2Gather evidence: Collect documents like financials, business plans, market research, project budgets, resumes, risk analysis, and support letters to prove capability and impact.
3. 3Register/log in: Obtain an Australian Business Number (ABN) if needed, sign into the relevant portal (e.g., Business Grants Hub portal), and note any prerequisites like advisory service reports.
4. 4Prepare and write application: Address all selection criteria clearly (project details, government alignment, costs, outcomes, benefits); keep concise, factual, and compelling; validate for completeness.
5. 5Review, approve, and submit: Proofread, get stakeholder sign-off, submit online via the portal before deadline (no late entries); expect eligibility check, merit assessment, and outcome notification.
6. 6Visit https://business.gov.au/grants-and-programs/small-business-income-tax-offset for application details

Application tips