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  • #964654
    morktron
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    Hi, I went to a presentation this morning by the Minister for small businesses for Australia. He mentioned something about some relief from the Government for small businesses wishing to buy equipment.

    I can’t find anything about it on Google but I know I’ve come across it before. Does anyone know anything about this?

    #1007039
    LeelaCosgrove
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    There’s a 30% tax break on capital expenditure over a certain amount (I think it’s $1k for SMEs?) before the end of the financial year.

    #1007040
    morktron
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    Thanks Leela :)

    Thanks to you I managed to find this article

    So if I buy a laptop for $4000 (I wish!) how much would it cost with this tax break?

    #1007041
    morktron
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    I just called my tax person and he’s explained it all. Basically it depends on how much you earn. If you earn loads of money and bought an expensive laptop 45% of it (30% + 15% depreciation) would be taken off your tax bill.

    Since I don’t earn much yet I don’t pay that much tax so it’s not that relevant to me, oh well…

    #1007042
    peppie
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    But,,, if you do not pay tax as a business this year your accountant will put provision into your tax return for deferred losses. That just simply means that when you do pay tax in a future year you will get the benifit then.

    If your accountant hasn’t told you about deferred losses then ask. If they won’t do it then get another accountant because mine has done it for me!!!

    #1007043
    morktron
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    Thanks Peppie, I never knew that! and I will definitely ask my accountant about it since they have not mentioned ‘deferred losses’

    many thanks :)

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