Brander Accounting Updates

As we approach the end of the calendar year many small businesses are preparing themselves to take advantage of the Governments investment allowance or tax break which will end on 31 December 2009.

Small businesses (i.e. turnover less than $2 million) may be eligible to claim the additional 50% tax deduction on eligible assets costing $1000.00 or more.
Small businesses taking advantage of the tax break must enter into a contract to acquire an eligible asset on or before 31 December 2009 and must have the asset installed on or before 31 December 2010.

Eligible Assets
The business tax break covers new depreciating tangible assets and capital improvements to an existing asset. It cannot be used for repairs. Eligible Assets include the following items:

- Cars, vans trucks and other business vehicles
- Computer hardware ( not software )
- Plant and equipment
- Furniture
- Capital improvements to existing plant and equipment

For further details email info@brandraccounting.com.au