heartharmony.com.au

In Australia we were following the rest of the world into the slide into recession. Yesterday our Prime Minister announced a major $42billion goverment led recession buster package.

So what are some of the goodies in the package for small business?

According to the Courier Mail

Small business gets a $2.7 billion package of tax breaks that includes an extra $600 tax deduction for any small business that buys and installs a $2000 computer before the end of June.

Those small firms that buy and take possession of a $60,000 backhoe by the end of June can claim an extra $18,000 tax deduction.

Small businesses with a turnover of less than $2 million a year, can also claim an extra 30 per cent tax deduction for assets costing more than $1000 or more that they buy and between December 13, 2008 and June 30, 2009 and install by June 30, 2010.

And if we run a home based business, we can take advantage of the home insulation incentive. From 1 July we will be able to ring a central hotline and get free home insulation up to $1600.  You can get in early and then be reimbursed after 1 July if you would prefer.

I must admit that a Bradford Batt and Laptop led recovery wasn’t in my dreams when I woke yesterday morning!

That said, computer shops and technicians as well as home insulation businesses are also big winners from these incentives.

If you provide services to these businesses you may want to touch base to see how you can help them maximise the new business that will be coming their way.

You may also want to put a call into your accountant to work out what is the best way you can capitalise on these incentives for your business.

Until next time

Ingrid Cliff

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