The Australian government is offering small businesses a tax break on new
business investment in an effort to boost economic activity and jobs.
The $AUD2.7bn (£1.2bn) tax break is part of the government’s $42bn stimulus
package which it claims will support up to 90,000 jobs.
Businesses with annual turnover under $2 million that buy $2,000 worth of
computer equipment before the end of June 2009 can claim a $600 deduction in
their 2008-09 tax return.
Resources firms that splash out on mechanical diggers worth $60,000 get a
deduction of $18,000 in their next tax return.
A 30 per cent tax deduction is available on eligible assets costing $1,000 or
more if acquired between December 13, 2008 and June 30, 2009.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Does Darwin's theory apply to taxation? Colin ponders...