The Government has announced a proposed investment tax break for business. The Bill containing the proposal has been introduced into Parliament but is not yet law. The bill can be seen here:
http://www.ato.gov.au/taxprofessionals/content.asp?doc=/content/00175431.htm
FEDERAL BUDGET
The federal government budget has been delivered and generous tax deductions for eligible asset purchases have been announced. The following can be found on the Federal Treasurers Website:
“Small businesses will now be able to claim a bonus tax deduction of 50 per cent – up from 30 per cent previously - of the cost of eligible assets acquired between 13 December 2008 and 31 December 2009, and installed by 31 December 2010.”
For more information follow the link to view the press release on The Federal Treasurers website:
http://www.treasurer.gov.au/DisplayDocs.aspx?doc=pressreleases/2009/068.htm&pageID=003&min=wms&