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Less than a month left to take advantage of 50% tax break

08 December, 2009

NSW Business Chamber is reminding NSW’s small business owners that they have less than a month left to take advantage of the Federal Government’s 50 percent small business tax break which ends on 31 December 2009.

Small businesses that have a turnover of $2 million or less and commit to invest in eligible assets costing $1,000 or more before 31 December 2009 are eligible to receive a 50 per cent bonus tax deduction from the Federal Government.

“This is a great opportunity for any small business owner that is thinking about investing in new equipment for their business to make a significant saving,” said Stephen Cartwright, CEO of NSW Business Chamber.

“The Australian economy has weathered the GFC better than any other developed economy. Taking advantage of this tax break can only put small businesses at a stronger advantage when the recovery kicks into full gear.”

Cartwright said that the tax break could be applied to business assets ranging from new mirrors in a clothing store or hair salon to a new business vehicle or to an oven for a bakery.

“It doesn’t matter if it’s a small purchase of a few thousand dollars or a larger purchase of equipment in the tens or hundreds of thousands of dollars, small business can save money by making an investment decision before 31 December 2009.

“This is a great initiative that NSW Business Chamber campaigned for through its Federal affiliate, the Australian Chamber of Commerce and Industry (ACCI), during the early days of the GFC.  We want to see as many small businesses as possible taking advantage of this investment opportunity.”

Small business owners interested in taking advantage of the small business tax break should contact their financial advisor or visit the Australian Tax Office website for more information.

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