By Ian Neubauer

Small businesses will be able to claim an additional tax deduction of 50 per cent of the cost of new assets following the passing into law of the Small Business and General Business Tax Break Bill.

The asset must be worth more than $1000, acquired before December 31 and used principally in Australia for the purpose of carrying on a business.

Medium-size businesses and larger corporations will also be able to claim a tax break of 10 per cent to 30 per cent for new assets valued at more than $10,000.

The tax break is part of the Federal Government’s economic stimulus package to encourage activity in the private sector during the economic downturn.

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The Shout Team

The leading online news service for Australia's beer, wine, spirits and hospitality industries.

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