50% tax break

millhouse · 17-06-09

Hi,

I have an ABN (sole trader), used primarily for the business end of funded short films. It's made $2,000 over the past year (through funding), with expenses of just under $2k (which we have receipts for).

We have just found out we're funded for our next short, but it's likely we won't receive a dime until the next financial year.

I'd like to purchase a new piece of computer hardware worth around $2.5k exclusively for the business. Now, I know there is the 50% small business tax break, but what I am really asking is...

Is my eligibility for this tax break restricted to how much the business has earned.

Obviously I'm going to the family CPA, but they are busy until Wednesday the 24th, and that won't allow enough time for the purchase to go through this financial year...

Any suggestions?

FletcherTax · 18-08-09

Hope your accountant has helped but the Small Business Tax Break has been extended till 31st December.

And it is NOT dependent on business earnings. You just need to be fit within the small business criteria in order for it to apply.

Fletcher Tax Accountants