The 2009 Federal budget has resulted in some changes that could provide small businesses with a 50% tax deduction on new car or equipment purchases. This is in addition to the usual tax deductions available on depreciating assets.

Here are the key points to note:

• Businesses with an annual turnover of less than $2 million could benefit from an extra 50% tax deduction on new eligible depreciating assets costing $1,000 or more.
• The asset must be acquired by 31 December 2009 and installed ready for use by 31 December 2010.
• Businesses with an annual turnover of $2 million or more could benefit from an extra 10% tax deduction on new eligible depreciating assets costing $10,000 or more. The asset must be acquired by 31 December 2009 and installed ready for use by 31 December 2010. 

To find out how we can help, call a member of our equipment finance team on 1300 887 967.