19 Mar 09 Small Business and General Business Tax Break Bill introducedOn 19 March 2009, Tax Laws Amendment (Small Business and General Business Tax Break) Bill 2009 was introduced into the House of Representatives.
The Bill amends the income tax law to provide a temporary bonus income tax deduction for new investments in tangible depreciating assets that exceed a certain threshold and that were undertaken between 13 December 2008 and 31 December 2009 ("the Tax Break"). The Tax Break is worked out using a rate of either 30% or 10% depending on when the taxpayer committed to investing in the asset. The Tax Break can be claimed in the income year that the asset is first used or installed ready for use.
The amendments apply to assessments for the 2008-09, 2009-10, 2010-11 and 2011-12 income years.
This measure was announced in the Treasurer’s Media Release No 2009/012 of 3 February 2009 and Media Release No 2008/141 of 12 December 2008.
For a copy of the Bill, go here.
For a copy of the Explanatory Memorandum, go here.