Bottrell Accountants, Financial Planners & Tax Agents

Business Tax Break

Business Tax Break

The small business and general business tax break provides an additional tax deduction for expenditure on certain qualifying assets. It provides a bonus deduction of 50% for small business and 30% or 10% for all other businesses providing certain eligibility criteria are met.

How to claim the business tax break:

You claim the tax break in your income tax return for the income year in which you first use or install the asset ready for use if you meet all the eligibility requirements for that income year.

  • The following example shows the effect the tax break has on your tax situation:
  • Assessable income – tax deductions ,including tax break = taxable income
  • Taxable income x 30% (company tax rate = tax payable)

If you’re a sole trader, your personal income tax rate would apply. The amount of the deduction is subtracted from assessable income to calculate your taxable income. For more information on the tax break and how it can affect your business contact Maitland Accountants today.

 

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Bottrell Business Consultants Pty Ltd – Chartered Accountants and Business Advisors.

The Bottrell group incorporates Bottrell Business Consultants, Bottrell Accounting & Taxation, Maitland Accounting & Taxation, East Maitland Accounting Services and Mobile Bookkeeping & Recruitment.

Our group of businesses & links include the following companies (& our websites);-

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