logged in. Log out

• Tax Laws Amendment (Small Business and General Business Tax Break) Act 2009 has introduced an investment tax break for Australian businesses. Broadly, the tax break provides an additional tax deduction for the cost of eligible new tangible assets:

• that will be used in a business
• that a deduction is available for under the core provisions of Division 40 of the Income Tax Assessment Act 1997.

• The tax break is:

• 50% for small business entities
• 30% or 10% for all other business entities

• In order to claim the tax break, certain conditions must be satisfied – for example, the eligible asset must be acquired and first used, or installed ready for use within a specified timeframe.

• Ability to claim a refund of up to 50% of eligible education expenses incurred in the 2008–09 income year if both of the following apply:

• you had a child at primary or secondary school or
• you were an independent student you met the eligibility requirements.

• The Superannuation Industry (Supervision) Regulations 1994 (SISR) have been amended to halve the minimum payment amounts for account-based pensions for the 2008–09 income year.
• The regulations reduce the minimum payment amounts for account-based, allocated and market-linked (term allocated) pensions by 50%.

• The election procedures have changed so that a taxpayer who wishes to make an election to be assessed under the taxed-upfront concession on qualifying shares, rights, options or stapled securities, must in their 2008-09 income tax return:

• make the election, and
• include the value of the discount

• If the value of the discount is $1,000 or less, and the taxpayer is eligible for the $1,000 exemption available under the taxed-upfront concession, the taxpayer will be taken to have made the election.

• If the $1,000 exemption does not apply, or the value of the discount is more than $1,000, taxpayers will be taken to have chosen to be taxed under the tax-deferred option if:

• they do not make an election in the income tax return in the year the shares or rights are acquired, and
• they do not include an amount in their income tax return in the year the shares or rights are acquired.

• From 1 July 2009 the Tax Office will not accept any family tax benefit claims, including current and earlier year claims. We will not produce FTB tax claim forms for 2009 and later years.
• You must claim FTB through the Family Assistance Office for the year starting 1 July 2008 and future years.
  

For further detail and assistance from Inventure's experienced team Contact Us or complete an Enquiry Form