So hurry &
get your
orders in
today!
Take advantage of the small business tax rebate and depreciation allowances (deadline
extended to 31st December, 2009)
Here’s the good news: The Federal Treasurer has announced that the
allowance will be increased from 30% to 50% for assets purchased by
eligible businesses. Now the deadline is extended to the end of 2009.
The federal government’s stimulus package released for small and
medium businesses allows for a considerable
saving in the form of a tax deduction on
purchasing of new equipment. Any IT hardware
purchased before 31 December 2009 will have a 50%
investment allowance.
The concession will apply to most things that are depreciable for tax purposes, including
bundled assets, e.g. notebook with attached accessories.
So if you are thinking of upgrading or improving your current computer and IT hardware, now
is the time to act!
If you have a small business with an annual turnover of less than $2 million, the minimum
purchase value must be $1,000 to qualify. For other business entity with annual turnover
exceeding $2 million, the minimum purchase value must be $10,000 to qualify for a 10%
deduction.
Key points to remember:
• The deduction is limited to new tangible, depreciating assets.
• The asset must be used principally in Australia for the principal
purpose of carrying on a business.
• New investment in relation to an asset (exclude GST) needs to
exceed the above stated threshold.
• The cost of items forming part of a set and the cost of identical or
substantially identical assets may be added together for the purposes
of meeting the thresholds.
For further details on how you can benefit from the deduction, please
consult the Australian Tax Office or speak to your tax advisor.
CASH IN ON THE 50% REBATE!
