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JOINT MEDIA RELEASE
The Hon Wayne Swan MP and the Hon Dr Craig Emerson MP
The Rudd Government will provide another major boost to its highly successful Small Business and General Business Tax Break, providing vital stimulus to support jobs and help small businesses doing it tough in the global recession.
Small businesses will now be able to claim a bonus tax deduction of 50 per cent - up from 30 per cent previously of the cost of eligible assets acquired between 13 December 2008 and 31 December 2009, and installed by 31 December 2010.
Small businesses are the backbone of our economy, employing millions of Australians, but many have faced some tough times during this global recession.
That's why the Rudd Government has been so determined to help small businesses invest with confidence and take advantage of the opportunities that will come with economic recovery.
The increased Tax Break provides small businesses with an even greater incentive to invest in new capital items, such as computer hardware and business vehicles, and to make capital improvements to existing machinery and equipment.
This major boost will support jobs and businesses all over the country. It accompanies the powerful steps taken by the Rudd Government to stimulate the economy so that small businesses have customers walking through their doors.
The expanded Tax Break will be available to small businesses with a turnover of less than $2 million.
All other businesses can continue to access the Tax Break at 30 per cent for eligible assets contracted for prior to 30 June 2009 and 10 per cent for eligible assets that they commit to investing in between 1 July 2009 and 31 December 2009.
Small businesses only need to invest a minimum of $1,000 per asset in order to qualify for the Tax Break. Under enhancements to the Tax Break announced in March 2009, they can also amalgamate their expenditure on batches and sets of assets in order to meet this threshold.
More detailed information about the Tax Break and the expansion for small business is attached.
The Government will move amendments to the legislation currently before the Parliament to implement the expansion for small business. The Government welcomes statements by the Opposition that it will not frustrate the passage of the legislation so that Australian businesses can invest with certainty.
The expansion will have an estimated cost to revenue of $141 million, bringing the total cost to revenue of the Tax Break to $3.7 billion over the forward estimates period.
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