The Rudd Government's Small Business Tax Break has encouraged local businesses to invest in their productive capacity and keep Penrith working, the Assistant Treasurer, Senator Nick Sherry and Federal Member for Lindsay, David Bradbury, said today.
"The Small Business Tax Break has encouraged operators to buy equipment they need for their businesses now, supporting the economy and helping to create opportunities for jobs and growth," said the Assistant Treasurer.
"At a time of economic uncertainty, the Rudd Government introduced the Small Business Tax Break to make sure that businesses kept investing in their productive capacity and positioned themselves to take advantage of the global economic recovery."
The Small Business and General Business Tax Break provides an additional tax deduction for expenditure on certain qualifying assets. Small businesses with a turnover of $2m or less are able to claim a bonus tax deduction of 50% - up from 30% previously - of the cost of equipment for their businesses. Small businesses only need to invest a minimum of $1000 per asset in order to qualify.
"Many local businesses have told me they have accessed the Small Business Tax Break to buy and install new equipment that will help them to grow their business and eventually employ more staff," said Mr Bradbury.
"This initiative has helped to boost local business confidence and to keep Penrith working."
Local printing company Clickmedia had been looking at buying a new printing machine that could help it increase the range of services it offered. The Rudd Government's Small Business Tax Break provided the incentive to finalise the purchase and also gave Clickmedia the ability to purchase an even higher-quality machine.
"Clickmedia had been looking around the market for a quality large format printer for most of this year," said Clickmedia Manager, Brendan McKeown.
"With the assistance of the Federal Government's investment allowance for capital equipment purchases, we made the decision to purchase a next generation printer that will allow us to take on work that was never before possible," Mr McKeown said.
"Businesses have until the end of the year to purchase equipment to be eligible to access the Small Business Tax Break, and I would encourage all local businesses in our community to take advantage of this initiative and help to Keep Penrith Working," said Mr Bradbury.