My wife and I are currently in the process of starting a small business. We need to purchase a number of assets,including computer hardware and a car for the business. We are wondering if we will be eligible for the 50% tax break as a brand new small business?
Yes, you should be. A car and computer hardware are eligible assets,and providing they are purchased for use in your business then you should be entitled to the investment allowance.
An asset purchased does not have to be used in an existing business. It can be purchased for a business being commenced,providing at the time it is acquired it is reasonable to conclude that it will be used for the principal purpose of carrying on a business in Australia.
Smart Company is the leading online publication in Australia for free news, information and resources catering to Australia’s entrepreneurs, small and medium business owners and business managers.
