The Minister for Innovation, Industry, Science and Research recently updated the ABN on the progress of the Small Business and General Business Tax Break announced on 3 February. We were interested to note the example provided by Sen Carr of a tradesperson who purchases a $30,000 utility before the end of the financial year being able to claim an additional $9,000 deduction in their 2008-09 tax return (as as long as they used the vehicle primarily for business purposes). With its stipulation that eligible assets have to be purchased before the end of the financial year to get the full 30% bonus deduction, it looks a little like a de facto last minute economic stimulus strategy wrapped in a tax break’s clothing to herVoice – but as long as small business benefits, we really don’t mind what the Govt calls it! The legislation is still before Parliament, but anyone wishing to find out how it will impact on small business if it’s passed in its current form, can click on this link to access a list of frequently asked questions. Please Note: The link has since been removed from the jbh.ministers.treasury.gov.au website.
About the Author
It’s all about the strategy. Maybe you want to start or grow your board career. Maybe you need to negotiate roadblocks to your progress in your corporate or government career. Or maybe you’re an aspiring manager or executive just starting out. Whatever it is, the way you strategise and tell...
