Budget provides for continuation of small business tax break
SYDNEY, Australia - May 28, 2009
The Federal Budget contained a number of initiatives that will help small business. The most significant was the expansion of the Small Business and General Business Tax Break so that small businesses can claim a bonus 50 per cent tax deduction for eligible assets costing more than $1,000 acquired from 13 December 2008 until 31 December 2009, and installed ready for use by 31 December 2010.
This is up from 30 per cent announced earlier this year and extends the period of eligibility by six months. To benefit from this Tax Break a small business must have a turnover of less than $2.0 million a year. The expanded Tax Break will be available to small businesses with a turnover of less than $2 million.
All other businesses can continue to access the Tax Break at 30 per cent for eligible assets contracted for prior to 30 June 2009 and 10 per cent for eligible assets that they commit to investing in between 1 July 2009 and 31 December 2009. Small businesses only need to invest a minimum of $1,000 per asset in order to qualify for the Tax Break.
GJS is Australia’s premier provider of solutions and services for the textile, promotional products, custom photo gift, sign and display industries. With over 40 years’ experience, GJS supplies everything needed to start and operate a successful printing business including equipment, consumables, training and support. Headquartered in Revesby, NSW, and with additional teams located in Victoria and Queensland, GJS serves customers throughout Australia, New Zealand, and the Pacific Islands. For more information visit: gjs.co. GJS and the GJS logo are trademarks or registered trademarks of GJS. Other names are trademarks of their respective owners.