Tax cuts could help schools
Small business boosts in the latest Federal Budget could help P & C Associaitons nationwide.
The Government announced substantial tax concessions in the May budget that could help school associations make asset acquisitions.
The Government’s tax cuts to small businesses consist of:
• A 1.5% tax cut for small companies, and
• A 5% discount on tax payable on income from unincorporated small business activity
For those wishing to purchase assets, “the government will significantly expand accelerated depreciation for small businesses by allowing small businesses with aggregate turnover of less than $2,000,000 to immediately deduct assets they start to use or install ready for use, provided the asset costs less than $20,000,” the budget papers say.
The tax benefits could even be coupled with application to the immense variety of grant organisations, so that small organisations like P&Cs will be able to afford purchases of essential and long-awaited equipment.