The Government has announced that it will provide an additional $2.7 billion temporary tax break to small and other businesses to boost business investment.Small business will be able to access the tax break for assets costing $1,000 or more. For all other businesses, the asset threshold is $10,000.
The tax break provides an additional tax deduction for assets aquired from 13 December 2008 to 30 June 2009, where the asset is also installed before 30 June 2010. The deduction will be equal to 30 per cent of the asset's cost.
For assets acquired between 1 July 2009 and 31 December 2009 and where they are installed ready for use before 31 December 2010, the deduction is 10 per cent of the asset's cost.
Please contact your accountant for further information on how this can benefit you with regard to the purchase of a WeedSeeker or GreenSeeker system.
Click here for the media release.