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Posts Tagged ‘Tax Break’

Businesses can claim an additional tax deduction when they buy certain assets, and when they spend money to improve existing assets, for a limited time. It’s called the Small Business and General Business Tax Break – ‘business tax break’ for short.

The Australian Government announced the tax break as an ‘investment allowance’ in December 2008 aimed at helping businesses meet the challenges of the economic downturn.

The government later extended this tax break in the May Budget to allow small businesses to claim a 50% tax deduction on eligible assets bought by 31 December 2009.

Source  :   www.ato.gov.au

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Sarah MacPherson, Melville

Sarah has a 19-year-old daughter living at home, and is in the process of starting up a technology-based business.                 single mother
 
What Sarah wanted:
Measures to help vulnerable in society, such as pensioners, carers and single parents;
. Increased taxes on cigarettes and alcopops;
. Stimulus packages for small startup companies;
. Maintenance of the First Homeowners Grant boost;
. Investment in education;
. Dumping of the GST charged on sanitary products.
 What she got:
. Increased pensions – by $32.49 for singles and $10.14 per couple.
. The pension age lifted to 67 between years 2017 and 2023.
. First Homeowners Grant boost to remain until September 2009, but to be halved after that.
. Opening up university places for additional 50,000 students over four years from next financial year.
. $437 million over four years to boost number of disadvantaged students at university.
. A 50 per cent small business tax break for eligible capital expenditure.
Her verdict:
“I suppose the first word that came to mind was ‘predictable’,” Sarah said.
 
“The rise in pension age means many of the battlers will have to battle a little longer.
 
“But if you look at the current global economy, they probably haven’t done too badly – they can’t please everybody”

www.watoday.com.au

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The Economy
Deficit $57.593 billion
Unemployment 8.25 per cent
Economic Growth -0.5 per cent of GDP
Inflation 1.75 per cent
First Home Owners Boost continued for six months
Small Business and General Tax Break increased to 50 per cent for order this calendar year

Infrastructure spending

A total of $22 billion including $8.5 billion for road, rail and port.
$3.2b for West Werribee to Melbourne’s Southern Cross Station
$40m towards design of Melbourne’s East-West rail tunnel
$365m for light rail corridor for the Gold Coast
$20m for planning new corridors in Brisbane
$294m to upgrade Adelaide’s Gawler line
$291m to extend Noarlunga to Seaford line
$61m to extend O-Bahn track in Adelaide
$236m towards central city section of Perth to Fremantle line
$91m for design work on Sydney West metro from Central to Westmead Road ($3.4b)
$1.5b for Hunter Expressway linking the F3 and New England Highway in NSW
$618m towards dual carriageway bypass of Kempsey on the Pacific Highway, NSW
$488m to replace 25km of Bruce Highway between Cooroy and Curra in Qld
$844m to upgrade Ipswich Motorway, Qld Ports ($389m)
$50m for Port of Darwin’s East Arm
$339m for development of common facilities at Port of Oakajee in

WA energy

$4.5b on new clean energy initiative

Education

$5.3b on tertiary education, research and innovation
$934m for 11 teaching, eight research and 12 vocational training projects
$901m for 21 research projects in space, marine, climate and nuclear science
$750m for future funding rounds of the Education Investment Fund
$491m to uncap number of university places from 2012
$437m over four years to provide university education for the disadvantaged
$500m to encourage research, development and commercialisation of ideas
$512m to help universities fund research

Health

$2.5b over five years to drive hospital and health workforce reform
$3.2b from Health and Hospitals Fund to modernise hospitals and improve cancer facilities
$121m over four years to relieve pressure on maternity services
$134m on rural health workforce strategy
Private health insurance rebate reduced for higher income earners
Medicare Levy Surcharge increased
Families

$731m over five years for paid parental leave scheme

Superannuation

Halving of salary sacrifice into super to $25,000 a year for those under 50 and to $50,000 a year for those over 50.

Cut in Government super contribution from $1,500 to $1,000 for those earning less than $60,000 a year

Aged

Pension age increased progressively to 67 years by 2023
Rate at which the pension is withdrawn with private income increased to 50 cents in the dollar
Single Pensioners to get extra $32.49 per week
Couple pensioners to get extra $10.14 per week
New $600 a year Carer Supplement for all Carer Payment recipients, on top of an increase in their pension
Carer allowance recipients to get extra $600 a year for each person in their care

Immigration

Skilled migrant intake slashed by 20 per cent
Extra $650m in funding for border protection

Public broadcasting

ABC to get extra $150m in funding over next three years
SBS to get extra $20m over next three years

www.sbs.com.au

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