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05 Feb 09 Treasury clarification: Small Business and General Business Tax Break

The Taxation Institute has received the following advice from Treasury clarifying certain aspects of the announcement made by the Prime Minister and Treasurer on 3 February 2009 as part of the Nation Building and Jobs Plan.

"First, the Small Business and General Business Tax Break subsumes the temporary investment allowance which the Government announced on 12 December 2008.

Second, both the 30% and 10% bonus deductions are available to all businesses. However, small business entities will only need to spend a minimum of $1,000 per asset in order to qualify for the tax break. All other businesses will need to meet a minimum expenditure threshold of $10,000 per asset. These expenditure thresholds apply to both 30% and 10% bonus deductions.

The Tax Break is available for new, tangible depreciating assets or new expenditure on existing assets.

Where a business acquires an eligible asset before the end of June 2009 and has it installed ready for use before the end of June 2010, they will be able to claim a bonus tax deduction of 30% of the cost of the asset.  Eligible assets acquired between the start of July 2009 and the end of December 2009 that are installed before the end of December 2010 will attract a bonus deduction of 10% of the cost of the asset.

Treasury will be releasing draft legislation for public consultation in the next few weeks.  A central email address - - has been set up to receive enquiries."

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