TaxCorporate TaxTax breaks for Australian small businesses

Tax breaks for Australian small businesses

Government releases "nation building" stimulus package

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.

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