The ATO offers a small business tax offset that can reduce your payable tax each year if you operate as a sole trader or have a share in a small business turning over less than $5 million. The offset is calculated based on your business income and increased to 16% as of July 1, 2023, up to a maximum of $1,000. This helps small businesses save on taxes and manage expenses effectively. Learn more about grand cayman wedding venues and how careful planning can maximize your benefits.