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261
Bluff Road, Sandringham, Victoria, 3191, Australia
Tel: (03) 9597 0522 Fax: (03) 9521 0368 Email: admin@couttspartners.com.au |
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JUNE 2009
Page 1
Temporary Tax Break
There are very few business people who have not
heard or read about the Tax Break currently available to small
businesses and other businesses. The concession has been extended:
it is now 50% for small businesses where they spend over $1,000, GST
exclusive, on new tangible depreciating assets or expenditure on
existing assets. 30% or 10% for other businesses where they spend
over $10,000. The time frame and applicable percentage is detailed
below.
|
Additional Tax Deduction |
Asset Acquired |
Asset Installed |
| 50% (Small Business) |
13 December 2008 - 31 December 2009 |
By 31
December 2010 |
| 30% (Other Business) |
13 December 2008 - 30 June 2009 |
By 30 June
2010 |
| 10% (Other Business) |
13 December 2008 - 30 June 2009 |
From 1 July
2010 - 31 December 2010 |
| 10% (Other Business) |
1
July 2009 - 31 December 2009 |
By 31
December 2010 |
|
Small business is defined as having a
turnover of less than $2M |
Motor
vehicles, new or demo
models,
may be included. Beware, if you are going
to claim the motor vehicle under the cents per kilometre, the
cost of the new vehicle will not be eligible for the Tax Break.
The vehicle is considered
not
to be primarily used for business purposes under this method.
The
asset must be used primarily for business. This is generally
considered to be more than 50% business related. There is no
adjustment for private use when making the claim for the tax
deduction.
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