As part of the $42 billion Nation Building and Jobs Plan, the Government has announced further investment tax breaks for Australian businesses.
Small businesses with a turnover of $2 million a year or less will now benefit from claiming an additional 50 per cent tax deduction for eligible assets costing $1 000 or more, acquired between 13 December 2008 to 31 December 2009. Assets modified or improved before 31 December 2010 are also eligible to receive the tax deduction.
Businesses with higher than a $2 million a year turnover are now eligible for an additional tax deduction of 30 per cent on assets costing $10 000 or more.
Further information on the tax break is available on the Tax Office's website.
