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The long awaited Small Business and General Business Tax Break legislation was passed by the Senate last month.

Small Business Investment Allowance

In summary, businesses with turnover less than $2 million will be able to claim a 50% tax deduction on any purchases of new equipment costing more than $1,000.  This is up from the proposed 30% and has been extended out by 6 months.  The Investment Allowance applies to most types of new plant and equipment, including motor vehicles and computer equipment.  To be eligible, the equipment must be purchased between 13 December 2008 and 31 December 2009, and be installed and ready for use by 31 December 2010. Read More