New Tax Offset for Individuals

Although individuals and trusts will not benefit from the above tax rate reduction, similar relief is being made available from 1 July 2015 by way of a new tax offset.  This offset will be calculated as a 5% discount of the income tax payable on the business income each year, subject to a maximum offset of $1,000.

Again, the introduction of this offset from 1 July 2015 will result in an immediate tax saving on any income that can be deferred until after 30 June 2015.