The government announced in February a 30% tax break for all businesses. As a part of the Treasury’s 2009 budget announcements, the government have announced an increased allowance of 50% for small business. The cut-off dates has also been extended. Alliance Equipment Finance can help small businesses to make use of the increased tax allowance.
Businesses with an annual turnover of under $2 million are eligible to receive the increased tax break. These businesses can claim a 50% tax break for new assets or upgrades to existing capital items, purchased between December 13, 2008 and December 31, 2009. Small businesses can claim the tax deduction for all eligible assets valued at $1000 or more.
According to Alliance Equipment Finance, the announcement has made the time suitable to analyse the current capital equipment, identify deficiencies or opportunities and plan out what is needed. Once the needs are identified, plans are to be set up on when and how the new equipment can be acquired and how much income could this new equipment generate.
Financing the new purchases will ensure to reap the benefits available through additional deductions and the efficiencies of new equipment. The cost of the equipment can be spread over a number of years and contribute to future earnings.
Alliance Equipment Finance can help to organise the no obligation finance pre-approval. They can also help to organise the purchase and installation/delivery within the designated time frames to avoid missing out.