Take advantage of discounted tax for your first year in business
If you are new to business, a sole trader, contractor, or partnership, you may be eligible for discounted income tax by paying your income tax early.
You might be eligible for a 6.7% discount if you:
- Are in your first year of business and pay some or all of your income tax before 31 March, and
- Are self-employed or in a partnership (companies and trusts are not eligible).
- Get most of your income from the business.
- Make a voluntary income tax payment before the end of the income year.
- Elect to receive the discount before the income year’s tax return is due.
- Do not have to pay provisional tax in the income year, or in the past 4 years.
- Have not received an early payment discount, any self-employed income, or any partnership income in the past 4 years.
Think you meet the criteria? or want to know out more? Contact us, we are here to help.