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Government help for small business…

“Businesses in Australia – especially small businesses – are the engine of the Australian economy and deserve direct support during a global recession.”

I agree with the Treasurer that Australian business are a crucial part of our economy – and helping those businesses will therefore help the economy.

Yesterday, the Rudd Government announced a huge package to help prevent or reduce the recession for Australia. Part of the package is aimed at business, whilst the remainder is aimed at creating jobs and increasing spending.

The small business and general business tax break is described in the Treasurer’s media release and fact sheet. For most small businesses, it makes the purchase of a new computer or other eligible assets (excluding cars and trading stock) more affordable.

Great news if you need a new computer – or you sell computers!

There are of course conditions to qualify for these deductions, such as having a turnover under $2 million to qualify as a small business.

The 30% tax deduction only applies for assets greater than $1,000 which may exclude many micro businesses.  For example, an additional $300 deduction applies if you buy a $1,000 computer before the end of June 2009 – how many micro businesses would be buying a $1,000 computer unless in that industry?

However, if you are considering buying a new sewing machine, desk, computer, printer, camera, or similar, maybe the tax deduction will make it feasible for you to buy a larger and more expensive model.

How valuable do you think this tax break will be for your business? Will it impact on your buying decisions in the next few months?

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