SMALL PRACTICE TAX BREAK - ACT NOW BEFORE THE WINDOW CLOSES
Practices turning over less than $2 million per annum are eligible to claim an increased bonus tax deduction of 50% of the cost of eligible equipment and business vehicles.
This proposed, new initiative was part of the Federal Budget released on Tuesday 12 May. It relates to assets with a price tag of $1,000 or more that are acquired before 31 December 2009. Installation must be completed prior to 31 December 2010.
The 50% tax deduction presents a sizeable 20% increase, on the 30% rebate for small business that was announced earlier this year. And the good news is, that its period of eligibility has been extended by six months.
The government's enhancement to the Tax Break provides smaller size practices with an even greater incentive to invest in new equipment and improved patient care.
If your turnover is in excess of $2 million, there are other tax incentives that also apply.
Important information: Eligibility criteria applies. Tax deductions depend on your individual circumstances. You should seek independent tax advice on taxation matters. Applicable legislation has yet to be passed. Medfin Finance Australia Pty Limited ABN 89 070 811 148. A wholly owned subsidiary of National Australia Bank Limited, and part of the NAB Health specialist business. (05/09)
