I hope you find my writing and business tips and observations useful. My business and blog are dedicated to helping businesses communicate clearly and reach their potential. Read, subscribe to my newsletter, enjoy!Tash
Refer to older posts…
Blogging services
HCI chat

Small business tax break

The 50% tax deduction for small businesses (turnover under $2 million) announced in the Federal Budget has now been given royal assent so it is law. That means, eligible purchases over $1,000 can be added to your tax return as a 50% deduction.

Note that this is a bonus as you can still claim any depreciation and deductions you would otherwise be entitled to.

So if a purchase was already something you had planned this year (the deadline is 31 December 2009) it’s great news; if a purchase was a possibility or planned for early next year, considering buying it now is now more affordable. However, if cashflow is a problem and/or you don’t really need any $1,000 purchases, forget the tax break and spend your money elsewhere!

Is this tax deduction affecting your spending?

I am about ready to upgrade my computer so this tax break could be well timed for me – yes I could buy a computer for under $1,000 anyway but I want reliability, a large screen and various features (such as mobility, i.e. a laptop) that will make life easier for me.

Print Friendly, PDF & Email

Leave a Reply

Your email address will not be published. Required fields are marked *

CommentLuv badge