26 May 099 Small Business and General Business Tax Break legislation receives Royal AssentThe Tax Laws Amendment (Small Business and General Business Tax Break) Act 2009 received the Royal Assent on 22 May 2009 and is Act No 31 of 2009. The amendments made by this Act provide an additional deduction for business investment in new, tangible depreciating assets and new expenditure on existing assets. The Bill was amended during its passage through the House of Representatives to incorporate the Government's expansion of the Tax Break announced in the 2009-2010 Budget and to resolve some technical issues: see 2009 TAXVINE No 19 (15 May 2009).
The ATO has published both an Overview and a more detailed Guide to the small business and general business tax break.
For a copy of the ATO's Overview go here.
For a copy of the ATO's Guide go here.