GST "kickback" for small businesses

It has been estimated that the cost of the handout to business will reach $175 million, with businesses having to order equipment before June 30th to receive the benefit. Any purchases made do not have to be received or installed for the next twelve months, according to the Treasurer, but can still be written off against the financial year ending this June.

Mr Costello said that the offer allows businesses "Immediate tax deductibility for anything that's ordered before June 30th," emphasizing his point that the deduction applies even if equipment isn't installed for another twelve months.

"You don't have to depreciate it over 3 years, 4 years, 5 years or 7 years, whatever the life of it is, it will be immediately tax deductible against the 99/2000 year", said Mr Costello. The Treasurer assured his audience there would be "An immediate write off for the full cost if it is plant or equipment which has been bought to help with operating the GST system."

Mr Costello said that the deduction applied to businesses with a turnover of up to $10 million. Some small business operators have suggested the deduction is a play on the timing of depreciation, as it's factored into accounting, with one saying that "The deduction will help, if you've made a profit". The deduction applies to all computing hardware and software bought to deal specifically with the GST.

The scheme is yet to be detailed, with the Treasurer's announcement the only details released so far.

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Miguel D'Souza

PC World
Show Comments

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

David Coyle

Brother PocketJet PJ-773 A4 Portable Thermal Printer

I rate the printer as a 5 out of 5 stars as it has been able to fit seamlessly into my busy and mobile lifestyle.

Kurt Hegetschweiler

Brother PocketJet PJ-773 A4 Portable Thermal Printer

It’s perfect for mobile workers. Just take it out — it’s small enough to sit anywhere — turn it on, load a sheet of paper, and start printing.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?