A reminder that the investment tax break, as discussed in previous Smith Feutrill bulletins, is available until 31 December 2009. The tax break allows taxpayers in small business an additional 50% tax deduction or large business an additional 10% tax deduction, provided commitment is made to purchase a qualifying asset prior to 31 December 2009. As commitment can take many forms, and there are certain conditions the asset must meet, we recommend you contact us to examine your particular circumstances and eligibility if you are thinking of acquiring an asset prior to 31 December.
We note that this is a potentially great opportunity for businesses with a turnover of under $2 million to purchase plant & equipment in a tax effective way. If this is you, don’t delay – speak with your Smith Feutrill tax adviser now – we’re ready to listen and ready to help.
Further information can be found in our previous bulletin.