The 30% Tax Break Legislation has passed!
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On the 14th of May, the Tax Laws Amendment (Small Business and General Business Tax Break) Bill was passed by the Senate.
Whilst this does not make it law just yet – we still need to have the Royal Assent – it basically means that what is in the legislation will not change between now and when it does become law.
You can read the legislation as passed by both houses of the Australian parliament on the Parlinfo website.
What does this mean?
If you are a general business with annual revenue greater than $2 Million – you have until 30 June 2009 to take advantage of the 30 percent investment tax break.
If your are a small business with annual revenue less than $2 Million – you have until 31 December 2009 to take advantage of the 50 percent investment tax break.