Embargoed to 00:01 Tuesday December 1 2009
Small Business tax break: One month left
“Opening door number one on the Advent calendar today marks the start of the
season to be jolly. But for Small Business owners, the Government’s season of
goodwill only has one month left,” VACC Executive Director, David Purchase, said.
The Small Business tax break ends midnight December 31 2009. Between now and
then, businesses with a turnover of less than $2 million per annum can claim a 50
percent bonus tax deduction, for eligible assets, costing more than $1000, as long as
managers and employers commit to the purchase by midnight 31 December 2009.
Delivery and/or installation of the asset can be any time before 31 December 2010.
All other businesses have access to a 10 percent bonus tax break for eligible assets
contracted by 31 December 2009.
“This incentive scheme is particularly relevant to all business owners considering up-
grading their vehicle or fleet,” Mr Purchase, said.
“Here is an example of how the Small Business tax break could benefit a business. A
commercial vehicle or company car has clocked up the k’s, the business has
expanded so the vehicle is no longer suitable and it lacks today’s modern safety
features. As a Small Business owner, you could put pen to paper on a new diesel
van, costing $35,000 before New Year’s Eve, and have it delivered and paid for in
full, in February 2010. The purchase would be included on your 2009-10 tax return
and would be eligible for a $17500 tax deduction.
“VACC is promoting this Federal Government scheme to Small Business owners,
because it is a fantastic opportunity which makes good business sense.
“The stimulus package is a genuine chance to invest in the business and invest in
employees and clients.
“However, the Government has made it quite clear that it will not be extending the
program. Therefore, Small Business owners should contact their accountant or
financial advisor, without delay, to discuss the Small Business tax break.
“Then a Small Business owner can visit their local dealer with confidence and
discuss the availability of the safest and most suitable vehicle for the business,” Mr
Purchase said.
Ends.
For more information on the Small Business tax break, go to vacc.com.au
NEWS 
