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.
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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.