New Tax Break on Equipment
Part of the Governments $42 billion dollar stimulus package is a tax break for small businesses to purchase equipment before the end of June 2009.
Small businesses can claim an additional 30 per cent tax deduction for eligible assets costing $1,000 or more that they acquire from 13 December 2008 to 30 June 2009, and install by 30 June 2010.
Examples:
1) a business that buys and takes possession of a $60,000 backhoe by the end of June 2009 can claim an additional $18,000 deduction in its 2008-2009 tax return.
2) a business that purchases and takes possession of a $35,000 new vehicle by the end of June 2009 can claim an additional $10,500 deduction in its 2008-2009 tax return.
(3) a business that buys and takes possession of a $260,000 prime mover by the end of June 2009 can claim an additional $78,000 deduction in its 2008-2009 tax return.
What better time to contact Perks Finance to arrange a quote for your next equipment or vehicle purchase.
Financing can be obtained as:
- Chattel Mortgage
- Hire Purchase
- Finance Lease
- Operating Lease / Rental
Before you make your next business purchase, talk to Perks Finance first to get the right advice on structuring the purchase to help your cashflow, save you stamp duty and maximise your GST claim.
If you have any other questions regarding the new tax break, please contact Perks Finance on 8273 9300 or at perks_finance@perks.com.au or your accountant.
