Small Business Tax Break Information - what does it mean to small business owners? The article provides information to relevant resources. This can be used as a guide to approach your accountant and ask if it applies to your business.
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Small Business Tax Break
The 2009 Australian Federal budget brought some changes that provide small businesses with up to 50% tax deduction on new equipment purchases, including computers, servers and cars. This is in addition to the usual tax deductions available on depreciating assets.
What does it mean to you?
- Businesses with an annual turnover of less than $2 million could benefit from an extra 50% tax deduction on new eligible depreciating assets costing $1,000 or more. The asset must be acquired by 31 December 2009 and installed ready for use by 31 December 2010.
- Businesses with an annual turnover of $2 million or more could benefit from an extra 30% tax deduction on new eligible depreciating assets costing $10,000 or more. The asset must be acquired by 30 June 2009 and installed ready for use by 30 June 2010.
What should you do?
If you fall into one of the above categories and think that you can claim small business tax break, there are two things that you can do. First, talk to your tax accountant, to confirm that you are eligible. Second, use this information to approach hardware vendors, e.g., HP, IBM, Dell etc. They may be willing to come to the party with a good deal and you may be able to add those extra features to your server that you always wanted. With this tax break for small businesses, you may be able to add them for free!
Small Business Tax Break – More Information.
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The review "ATO.gov.au – Small Business Tax Break Information" was last updated on 02/06/2009.