Entrepreneur tax offsets (ETOs) have been restricted to micro part time businesses phasing out where the business turnover exceeds $50,000 and ceasing at business turnover of $75,000 according to Deloitte Tax Partner David Pring.

The ETO provides a 25% tax offset for eligible businesses. The restriction will apply to singles with taxable income over $70,000 and families with taxable incomes over $120,000.

“These offsets are aimed at extremely small part time businesses. Hopefully the announced taxation review will look at extending tax offsets to entrepreneurial companies on a larger scale,” said Mr Pring.