Embargoed to 00:01 Thursday December 17 2009
Small Business tax break: Two weeks left
There are now just two weeks left before the Government’s Small Business tax break
ends.
The deadline is looming and small business owners have until midnight, December
31 to take advantage of the investment allowance.
Businesses with an annual turnover of less than $2 million can claim the Small
Business tax break. They can claim a 50 percent bonus tax deduction, for eligible
assets, costing more than $1000 providing a commitment is made within the next
fourteen days.
Delivery and/or installation of the asset can be any time before 31 December 2010.
Businesses with a turnover of more than $2 million per annum can access a 10
percent bonus tax break for eligible assets contracted by 31 December 2009.
“We know of many businesses which have taken advantage of the Government’s
stimulus package. VACC members have used this opportunity to purchase new
computers, new hoists, new dynamometers and other necessary equipment to
benefit, improve and expand their companies,” VACC Executive Director, David
Purchase, said.
“But we are concerned some members of the retail automotive industry will miss out.
That is why we are encouraging employers and managers of companies that fit the
criteria to contact their accountant immediately.
“The Small Business tax break has been particularly helpful in providing an
opportunity to upgrade and improve the company vehicle or fleet,” Mr Purchase said.
The November VFACTS data, provided by FCAI, put the increase of 19.9 per cent
(14,216 vehicles) compared to the same month last year, down to the Government’s
tax incentive.
“There was a 35.4 percent increase in business vehicle sales last month, proving that
many small businesses have been able to buy more appropriate and safer vehicles
thanks to the Small Business tax break.
“Any small business owner
wanting to do the same had better act fast. This
investment allowance ends in just two weeks and will not be extended,” Mr Purchase
said.
For more information on the Small Business tax break, go to vacc.com.au
NEWS 
