2009-10 Budget details for business

The Budget details have been released.

Worth noting are:

• The Small Business and General Business Tax Break will be expanded to allow a bonus deduction of 50 per cent to small businesses with a turnover of less than $2 million that acquire an eligible asset between 13 December 2008 and 31 December 2009 and install it ready for use by 31 December 2010. The previously announced 30 per cent and 10 per cent bonuses will continue to apply to all other businesses.
• Paid parental leave from 1 January 2011;
• First Home Owners Grant reduction;
• expansion of the Do Not Call Register ;
• gradually increasing the Age Pension age to 67 years and the Retirement Incomes Report;
• changes to superannuation contributions concessions;
• tax compliance changes;
• changes to tax concessions on employee share schemes.

Full details of the tax measures are here.