The 2009 Federal budget has resulted in some changes that could provide small businesses with a 50% tax deduction on new car or equipment purchases. This is in addition to the usual tax deductions available on depreciating assets. Here are the key points to note:
Businesses with an annual turnover of less than $2 million could benefit from an extra 50% tax deduction on new eligible depreciating assets costing $1,000 or more. The asset must be acquired by 31 December 2009 and installed ready for use by 31 December 2010.
Businesses with an annual turnover of $2 million or more could benefit from an extra 30% tax deduction on new eligible depreciating assets costing $10,000 or more. The asset must be acquired by 30 June 2009 and installed ready for use by 30 June 2010.
Get started today with car and equipment finance.
You may be able to take advantage of the Government tax break by using our car and equipment finance solutions to purchase an eligible asset for your business. Our business links with financiers means we can provide funding despite market volatility. And with interest rates currently at a 49-year low, now could be the ideal time to invest in your business. Just call us to see how easy getting finance is.