Small Business Tax Ends in Five Weeks

The Small Business tax break stimulus package set in place by the Victoria government will come to an end in less than five weeks. As a consequence, the lead Automotive Industry body in the state, VACC, stepped forward and reminded business owners this is the best time to purchase new vehicles.

According to the provisions of the tax break, a business with a turnover of less than $2 million per year can claim a 50 percent bonus tax deduction for eligible assets which cost more than $1000 and are acquired prior to December 31, 2009.

"The Small Business tax break is one of the Government’s better incentive schemes and we urge business owners to take advantage of it,” David Purchase, VACC executive director said in a release. “It is of particular benefit to employers and managers looking to purchase a new vehicle or fleet."

“VACC recommends Small Business owners considering upgrading or improving their work vehicle or fleet, speak to their accountant or financial adviser immediately. Before anything else, employers and managers need to establish if they qualify for the Small Business tax break."

VACC is made up of new and used vehicle dealers, service station operators, automobile repairers, crash repairers, automotive electricians, tow truck operators and just about every type of automotive-industry related business.

"The incentive scheme is a fantastic chance for employers and managers to save money and to invest in the long term safety of their employees,” Purchase concluded.