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Draft Legislation to Introduce an Income Test for the Entrepreneurs' Tax Offset


Thursday, 17 December 2009

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As part of the 2008-09 Budget the Government announced that it would introduce an income test into the eligibility criteria for the Entrepreneurs' Tax Offset (ETO) to reduce the offset that could be claimed by those taxpayers with other significant sources of income (income not referable to the relevant small business).

In the 2009-10 Budget the Government deferred the income test's start date from 1 July 2008 to 1 July 2009 to ensure that the proposed income test commences at the same time as, and is consistent with, the Government's broader means testing reforms, also announced in the 2008-09 Budget.

Draft legislation to introduce an income test into the eligibility criteria for the ETO, together with explanatory material, is available for public comment (see below).

Making a submission

Interested parties are invited to comment on the paper. While submissions may be lodged electronically, by post or by facsimile, electronic lodgment is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. A request made under the Freedom of Information Act 1982 (Commonwealth) for a submission marked 'confidential' to be made available will be determined in accordance with that Act.

Closing date for submissions: Friday, 15 January 2010

Address written submissions to:
General Manager
Business Tax Division
The Treasury
Langton Crescent

Email: SBTR@treasury.gov.au

Documents Available:

Acrobat (PDF) documents

 Acrobat (PDF)

Exposure Draft Legislation  36.89kb
Explanatory Material  117.05kb
Consultation Summary  32.45kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Exposure Draft Legislation  109.41kb
Explanatory Material  283.05kb
Consultation Summary  847.03kb

Related Items:

Submissions: Draft Legislation to Introduce an Income Test for the Entrepreneurs' Tax Offset - 10/02/2010

Treasury received three submissions in response to the draft legislation to introduce an income test for the Entrepreneurs' Tax Offset. All of these submissions were public. The submissions are listed below and are accessible by selecting the author.

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.

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