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Big Budget Bonus For Small Business

Amongst the handouts announced in the Swan budget on 12th May was an increased bonus tax deduction of 50 percent for eligible assets purchased before 31st December 2009 for small business.

That’s great news for a small business contemplating buying a new company vehicle.

The example given in the tax documents refers to a vehicle costing $30,000. The current tax deduction under the 30% tax break is $9000. But the additional amount announced in the budget is a further $6000 resulting in a total  deduction to small business of $15,000.