Authorised by the Australian Government, Capital Hill, Canberra.
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Tax Break
Business
To help Australian businesses, a temporary tax break is available on
plant and equipment you need to buy to keep your business running.
The tax break is not a refund, rebate or tax offset. It's a tax deduction
to reduce the assessable income of your business. Deadlines apply.
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.
30% or 10% tax break for businesses
with turnover of $2 million or more.
Larger businesses may qualify for an extra tax deduction on eligible
assets which cost $10,000 or more.
To qualify for the 30% tax deduction, the asset had to have been
bought between 13 December 2008 and 30 June 2009. It will need
to be installed by 30 June 2010. The 10% tax deduction is available
depending on when the asset was bought. It needs to 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 fi nd 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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