News

Business tax break increased from 30% to 50%

Treasurer Wayne Swan has delivered Australian small businesses an investment incentive by increasing the Small Business and General Business Tax Break from 30% to 50% and extending the eligibility period by a further six months.

Small businesses with a turnover of less than $2 million can claim a bonus 50% tax deduction for eligible assets costing more than $1,000 acquired from 13 December 2008 until 31 December 2009, and installed ready for use by 31 December 2010 (extended from 30 June 2010).

The motivation is to encourage you to invest in capital assets like computer hardware and business vehicles, and/or to make capital improvements to your equipment and machinery.

Please contact Juanita Sharp for more information.