Tax Break gives Business a Boost!

Tax Break gives Business a Boost
September 16, 2015 Saving Money

Following from an initiative by the Commonwealth Government, business owners may be entitled to a bonus 30% tax deduction when purchasing eligible depreciating assets used in carrying out a business. Under the proposed legislation, new assets purchased between 13/12/08 and 30/6/09 will receive a once off 30% tax bonus.

Following from an initiative by the Commonwealth Government, business owners may be entitled to a bonus 30% tax deduction when purchasing eligible depreciating assets used in carrying out a business. Under the proposed legislation, new assets purchased between 13/12/08 and 30/6/09 will receive a once off 30% tax bonus.

The legislation is designed to encourage businesses to buy new assets. The Investment Allowance applies on the capital cost of the asset and is claimed in the first year the asset is delivered and ready for use.

For more information, go to www.treasurer.gov.au

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