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Thursday
Dec102009

50% tax break available on water tanks

If your a business, then why not cash in on the 50% tax break on offer until the 31st December 2009?

The small business tax break was introduced earlier this year as part of the Rudd Government’s stimulus measures, and has been applauded by business groups as a way of assisting growing businesses through the downturn and stimulating economic growth by pulling forward investment.

Under the original model, the tax break was set at 30% for assets over $1000 that were purchased between 13 December 2008 and 31 December 2009 and installed by 31 December.

But under the new 50% tax break, the business will be able to claim a tax deduction of $15,000 (that is, 50% of $30,000).

The decision to boost the size of the tax break will cost $141 million, taking the total cost of the measure to $3.7 billion.

“The increased tax break provides small business with an even greater incentive to invest in new capital items, such as computer hardware and business vehicles, and to make capital improvements to existing machinery and equipment,” Small Business Minister Craig Emerson said in a statement.

 

 

Wednesday 13 May 2009 11:29 Patrick Stafford

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