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Business tax incentive - act quickly!

Available for Australian clients only.

 The Australian Government has recently announced the details of its “Small Business and General Business Tax Break” which provides a “bonus” tax deduction on the purchase of qualifying assets. The key points are as follows:

 
1         Only taxpayers “carrying on business” can claim it (i.e. landlords and investors etc are excluded).
2         The minimum expenditure is $1,000 for “small businesses” (turnover under $2M) and $10,000 for all other businesses.
3         Expenditure must be on new qualifying assets (i.e. “plant & equipment” including vehicles but excluding buildings)
4         Contracts for purchase must be entered into between 13 December 2008 and 31 December 2009.
5         The deduction is 30% for assets acquired between 13/12/08 and 30/6/09 (providing they are installed by 30/6/10) and 10% for assets acquired from 1/7/09 to 31/12/09 (providing they are installed by 31/12/10).
 
More detail can be found at this web site (click Creating & Protecting Your Wealth at LSH Accounting) by clicking on the Quicklink – SMALL BUSINESS AND GENERAL BUSINESS TAX BREAK.
 
There are some intricacies to the deduction in certain situations so please ensure you get appropriate advice prior to taking any action.