A leading Australian accountant has warned small businesses planning on making last minute purchases before June 30, to ensure the asset is delivered and installed ready for use before this date, in order to receive the 50 percent Investment Allowance tax break.
accountantsRus CEO Adrian Raftery said that a lot of business owners will be looking at buying assets, such as a new car, this weekend and it is imperative that they can get the 50 percent tax deduction.
“If the delivery occurs on 1 July (or after) then unfortunately the business will not be entitled to a tax deduction until next tax year.”
Raftery also noted that there are approximately 280,000 taxpayers eligible for the $900 stimulus package payment that have yet to lodge their 2008 tax return, equating to roughly $252 million.
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