50% tax break for businesses with turnover less than $2 million
If you own a small business that turns over less than $2 million a year, you can claim an extra 50% tax deduction on the cost of eligible assets which cost $1,000 or more.
To qualify, the asset must be bought between 13 December 2008 and 31 December 2009 and be installed by 31 December 2010.
What can i buy?
The tax break covers new, tangible, depreciating assets such as:
- cars, vans, trucks and other business vehicles
- computer hardware (but not software)
- tools
- furniture
It also covers capital improvements to existing machinery and equipment.
Where do i find out more?
Contact your tax adviser, visit the website www.australia.gov.au/businesstaxbreak or phone the business tax break info line on 1300 337 921.
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