Income tax can't be treated like a game - photo by Alan Cleaver
http://www.flickr.com/photos/alancleaver/ / CC BY 2.0
Don’t want to rush you…………..
But, if you want to take advantage of the ATO’s 50% business tax break, you only have SEVEN WORKING DAYS left..!!
If you buy a new eligible asset for your business by the 31 December 2009, you will be entitled to an immediate 50% tax deduction of the cost PLUS the normal depreciation deductions.
We covered this in detail as part of our Federal Budget 2009 review in our previous reincarnation as Austax.
If you won’t actually receive the car, computer, etc that you bought until AFTER 31 December 2009, don’t panic..!
The rules are that the PURCHASE needs to happen before 31 Dec 2009. You have until 31 Dec 2010 to receive, install and use the actual asset.
You may find that this is the case with motor vehicles purchases where the vehicle gets shipped to you months later.
So, the key is to have a legal contract / purchase agreement signed and paid for BEFORE 31 December 2009.
That way, you will still be entitled to the 50% tax break even if the asset is only installed or ready for use after the year-end.
So, don’t be a scrooge and buy your business a new set of wheels or a fan-dangled computer today…!
Go on… Your accountant will love you for it….
Cheers!
Taxabull Team
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