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NOVEMBER 2009
HURRY...LAST CHANCE TO GET A 50% TAX DEDUCTION ends 31.12.09
The 2009 Federal budget resulted in some changes that could provide small businesses with a 50% tax deduction on new car or equipment purchases. This is in addition to the usual tax deductions available on depreciating assets. Here are the key points to note:
- Businesses with a turnover of less than $2m may be eligible to benefit from a 50% tax deduction on assets costing $1,000 or more, providing the asset is purchased before 31st December 2009.
- Businesses with a turnover of more than $2m may be eligible to benefit from a 10% tax deduction on assets costing $10,000 or more, providing the asset is purchased before 31st December 2009.
- If the new asset is to be financed by way of a Hire Purchase, the ATO requires settlement to be effected by 31st December 2009.
For further information on the above please contact us
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Want someone who puts your interests first and offers unbiased advice in comparing loans, insurance and tax planning?
As licensed financial planners we incorporate your insurance needs into your overall financial planning and loan needs. We’ll tell you about the different types of insurance on offer - and the policies that are right for you.