Today I am releasing for public comment draft legislation and explanatory materials for the Small Business and General Business Tax Break announced as part of the Government's $42 billion Nation Building and Jobs Plan.
The Tax Break the Government has announced is a crucial part of the measures designed to support economic activity and Australian jobs in the face of the global recession.
It will provide a temporary 30 per cent investment allowance to small businesses for eligible capital investments of $1000 or over, and for other businesses for capital investments of $10,000 or more.
The Government is delivering this Tax Break because it will give businesses a vital incentive to invest for the future with confidence.
This, in turn, will stimulate economic activity and support Australian jobs.
Once public consultation has been completed the Government will look to finalise the legislation for introduction in the Parliament.
Treasury has also produced a series of frequently asked questions to assist businesses in understanding how they can benefit from the Tax Break.
The Treasury is seeking submissions from interested parties on the exposure draft legislation and explanatory material by close of business on Tuesday, 10 March 2009.
Copies of the consultation materials are available from the Treasury website (www.treasury.gov.au) or by telephoning 02 6263 4382.
Written comments on the consultation materials may be submitted by mail, facsimile or email to:
Small Business and General Business Tax Break – Consultation
Business Tax Division
PARKES ACT 2600
Fax: 02 6263 4466
25 February 2009