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If you are an Australian business owner, a business person, or just someone interested in entrepreneurship, you will more than likely have heard of the Federal Government’s proposed 30% Investment Tax Break.
For those who missed it, back in February, our Prime Minister (Kevin Rudd), as part of his economic stimulus package announced the Small Business and General Business Tax Break. Essentially, it means that if you are a small business (with revenue less than $2 million /year), you can claim an additional 30% tax allowance for investments in eligible tangible assets over $1 000. Any other business can claim the allowance as long as the investment is over $10 000.
The catch is, that the investment needs to be made before 30 June 2009, and the asset needs to be installed and in use by 30 June 2010.
Whilst the announcement was welcomed by many, the fact of the matter is that the legislation that makes it a reality – the Tax Laws Amendment (Small Business and General Business Tax Break) Bill 2009 – still hasn’t passed through the parliament. This has lead to not only hesitation, but also confusion in the business community.
I saw this as a great opportunity to build some content that helps reduce that confusion, and gives Australian business owners – small business owners in particular – enough easily understandable information that they can confidently have a conversation about the tax break with their accountant. The outcome – 30percent.com.au
It is also an experiment in small, fast, and low cost online entrepreneurship which I will blog about at a later time. Obviously there is a little design work to do (which will happen over the next week), but getting the content flowing was the first goal.
Aussie business owners – I am keen to hear your feedback on 30percent.com.au – email me paul@paul-woods.com with what you like and what you don’t like!
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