Small business income tax offset

[#1]

When entering: Net small business income (from sole trading activities)

Does Loss which occured in this financial year (but is deferred as business income is less than 20k) count in this definition of Net?

Or because the non-commercial business losses are deferred, then the Net small business income asked for here should match the "Business income or losses"?

It does say Net though? 

It probably doesn't matter, but i'd like to get it right.

[#2]

I found this on the tax offset calculator for small business, it sounds like Net does not refer to any losses that must be deferred from that year.

**link removed by moderator

[#3 · Accepted solution]

Hello @treefairy

Are you referring to the section: Net income or loss from business for 2019–20?

If this is the case, you can use Worksheet 5 or Worksheet 6 to help you complete this section.

Hope this helps