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Small Business and General Business Tax Break

Legislation for the Small Business and General Business Tax Break has been passed by the Parliament and received Royal Assent.

You can find out more about the Tax Break by visiting the ATO website or calling the Business Tax Break Infoline on 1300 337 921.

The Treasury’s frequently asked questions about the Tax Break have been superseded by a new ATO Fact Sheet.

Background

The Tax Break expands and extends the temporary investment allowance announced by the Government on 12 December 2008.

On 25 February 2009, the Treasurer released an exposure draft of the Tax Laws Amendment (Small Business and General Business Tax Break) Bill 2009 and associated explanatory material. A summary of the results of the consultation process and copies of public submissions are now available

On 19 March 2009, the Treasurer introduced the Tax Laws Amendment (Small Business and General Business Tax Break) Bill 2009 in the House of Representatives. 

On 12 May 2009, the Treasurer announced an expansion of the Small Business and General Business Tax Break as part of the 2009-10 Budget.

On 13 May 2009, the Government moved amendments to the legislation in the House of Representatives to implement the expansion of the Tax Break.  The legislation was passed by the Senate on 14 May 2009.

The Tax Laws Amendment (Small Business and General Business Tax Break) Act 2009 received Royal Assent on 22 May 2009.

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