Small business and general business tax break
The small business and general business tax break provides an additional tax deduction for expenditure on certain qualifying assets. It provides a bonus deduction of 50% for small business and 30% or 10% for all other businesses providing certain eligibility criteria are met.
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More information about the Small Business and General Business Tax Break follows:
The Small Business and General Business Tax Break measure has been passed by Parliament and is now law. The measure was announced on 3 February 2009 as part of the Government's Nation Building and Jobs Plan. It provides an additional deduction for business investment in new, tangible depreciating assets and new expenditure on existing assets.
The Small Business and General Business Tax Break (the tax break) is one of the measures implemented by the government to support economic activity and employment in Australia and stimulate new capital investment by Australian businesses in the face of a deteriorating global economic environment.
This document provides overview information including eligibility requirements on the Small business and general business tax break:
Disclaimer: This web site does not constitute financial advice and should not be interpreted as such. South Coast Technology directs you to the Australian Tax Office or your financial adviser for the latest information regarding the Small Business and General Business Tax Break / Investment Allowance.
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