Exposure Draft – Tax Laws Amendment (Small Business and General Business Tax Break) Bill 2009
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The Australian Treasury released the exposure draft of the proposed 30% Investment Tax Break legislation on 23 February 2009.
The 12 page document outlines the specific changes to the Income Tax Assessment Act 1997, including the addition of Division 41.
The object of this Division is to provide a temporary business tax break for Australian businesses with a view to encouraging business investment and economic activity
You can download the exposure draft of the legislation from the Treasury.gov.au website