What is the much publicised small business and general business tax break?
The business tax break is an extra tax deduction available on the plant and equipment you need to buy to keep your business running. The tax break covers new, tangible, depreciating assets. It also covers improvements or additions you make to existing assets. As the tax break is temporary, there are deadlines that apply, so you must buy and use or install the asset within a set timeframe. The tax break is in addition to the deduction for the decline in value your business is entitled to claim for an eligible asset.
