26 Feb 099 Draft legislation for the Small Business and General Business Tax BreakIn a media release issued on 25 February 2009, the Treasurer, Wayne Swan, announced the release for public comment of draft legislation and explanatory materials for the Small Business and General Business Tax Break announced as part of the Government's $42 billion Nation Building and Jobs Plan. It will provide a temporary 30% investment allowance to small businesses for eligible capital investments of $1,000 or over, and for other businesses for capital investments of $10,000 or more.
Treasury is seeking submissions from interested parties on the exposure draft legislation and explanatory material by close of business on Tuesday, 10 March 2009. The Treasurer said that once public consultation has been completed, the Government will look to finalise the legislation for introduction in the Parliament.
For a copy of the Treasurer's media release, No 2009/018, 25 February 2009, go here.
For a copy of the draft legislation and supporting documents, go here.