Current Status of the 50% Investment Tax Break Legislation

Even though the Prime Minister (in February) and the Treasurer (in May) both announced tax breaks targeted at Australian businesses… just because they have been announced does not actually mean that they are law.

To become law, those announcements need to be formalised in a bill that passes through parliament.  The bill that represents the 30% General Business and 50% Small Business investment tax break is the Tax Laws Amendment (Small Business and General Business Tax Break) Bill 2009. 

At the time of writing, that legislation is currently before the house of representatives.  You can find out the status of the legislation at any time, simply by viewing the bill’s homepage.  And remember to make sure you talk to your accountant just to be sure!