Last chance for $900 and 2008 tax returns
June 22, 2009 4AM
Reminder - Stimulus Payment
A reminder to all Morris Accounting clients about the government's stimulus package.
If you think you will be eligible for the government's stimulus payment of $900 and have not yet lodged your 2007-08 tax return, you only have until 30 June 2009 to do so. Click here for our tax return checklist.
For those clients that have lodged their returns and have not received their bonus, you should contact the ATO directly on 1300 686 636 to ensure the quickest delivery of your cheque.
The government has also introduced a bonus tax break for small business owners. Small businesses with a turnover of less than $2 million can now claim a bonus tax deduction of 50 per cent (increased from the previous 30 per cent) of the cost of eligible assets acquired between 13 December 2008 and 31 December 2009, and installed by 31 December 2010.
Small businesses only need to invest a minimum of $1,000 per asset in order to qualify for the tax break. They can also amalgamate their expenditure on batches and sets of assets in order to meet this threshold. All assets must be used principally in Australia for the principal purpose of carrying on a business and meet certain eligibility criteria. Eligible assets include computer hardware and business motor vehicles, and to make capital improvements to existing machinery and equipment.
All other businesses can continue to access the tax break at 30 per cent for eligible assets contracted for prior to 30 June 2009 and 10 per cent for eligible assets that they commit to investing in between 1 July 2009 and 31 December 2009. For other businesses, a minimum expenditure threshold of $10,000 applies to be eligible to claim the 30% or 10% deduction.