Small Business and General Business Tax Break
The Small Business and General Business Tax Break will be expanded for small businesses. Small businesses can claim a bonus 50 per cent tax deduction for eligible assets costing more than $1,000 acquired from 13 December 2008 until 31 December 2009, and installed ready for use by 31 December 2010.
This is up from 30 per cent announced earlier this year and extends the period of eligibility by six months. To benefit from this Tax Break a small business must have a turnover of less than $2.0 million a year.
Whilst a good bookkeeper will be aware of these changes, claiming the deduction does not fall within the realm of normal bookkeeping. Your accountant is the person who will claim this for you.