Tax Breaks for Business

Good news for Small Business, but to understand this better you need to look at this.

As part of the $42 billion Nation Building and Jobs Plan, the Government has announced investment tax breaks for Australian businesses.

Small businesses with a turnover of $2 million a year or less will benefit from claiming an additional 30 per cent tax deduction for eligible assets costing $1 000 or more, acquired between 13 December 2008 to 30 June 2009. From 1 July 2009 to 31 December 2009, eligible assets costing $1 000 or more will be able to claim an additional 10 per cent deduction.

Businesses with higher than a $2 million a year turnover, are eligible for assets costing $10 000 or more.

For further information on the tax break, visit the Tax Office website.

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