Business, Corporations and Trusts

26 Nov 12

"1. - Small Business Tax Break

The government will expand the small Business and General Business Tax Break to provide additional assistance to SBEs (Small Business entities with an annual turnover of less than $2 million).
A bonus deduction of 50% will be available to SBEs that order an eligible asset between 13 December 2008 and 31 December 2009, and install it ready for use by 31 December 2010.

The previously announced 30% and 10% deduction bonuses will continue to apply to all other businesses ( Non Small Business Entities), including the earlier timeframes.

2. - Fuel Tax Credits

Taxpayers are elegible to claim back fuel tax credits if:

1. They are conducting a business and undertaken elegible activities
2. They register for FTCs
3. They use elegible fuel in their plant and equipment or vehicles in relation to that business
4. They are alse registered for GST

What fuels can you claim?

• Diesel and Petrol
• kerosene, heating oil, toluene, fuel oil
• Mineral turpertine and white spirit 

3. - Small business entity (SBE) tax concessions

The ""small business entity"" (SBE) tax rules provide access to a range of concession that business can apply without the need to make a formal election in the tax return.
In order to be an SBE, the turnover of the business, including connected entities and affiliates, has to be less than $2 million GST exclusive.

The following concession are available under the SBE rules:

• Simplified depreciation. Immediate deduction can be claimed for assets costing less than $1,000 GST exclusive.
• Subject to cash flow requirements, some prepaid business expenses can be claimed where the payment covers a period of 12 months or less
• The most common expenses included are: lease payments, interest, rent, business travel, insurances, business subscription, etc.