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Have you always dreamed that your dinosaur of an espresso machine would one day turn into a Synesso? Well, it may be the time to capitalise on the Government’s tax break incentive for capital purchases.

As part of the last Federal budget, the Commonwealth Government announced a special Small Business and General Business tax break. The basic parameters for eligibility for these tax breaks are:

For small businesses (turnover less than $2 million pa) the government announced “An additional tax deduction of 50 per cent of the cost of eligible new tangible depreciating assets where the business commits to investing in the asset between 13 December 2008 and 31 December 2009 and first uses the asset, or installs it ready for use, or (in the case of new investment in an existing asset) brings the asset to its modified or improved state on or before 31 December 2010.” The minimum amount that must be spent by small businesses to be eligible for this tax break is $1,000.

For other business entities (turnover of $2 million or more pa) the government announced “an additional tax deduction of 30 per cent of the cost of eligible new tangible depreciating assets where the business commits to investing in the asset between 13 December 2008 and 30 June 2009 and first uses the asset, or installs it ready for use, or brings the asset to its modified or improved state on or before 30 June 2010.” The minimum amount that must be spent by other business entities to be eligible for this tax break is $10,000.

So if you have been thinking about buying another grinder for your café, or perhaps upgrading your espresso machine to a shiny new Synesso, then now might be a good time for you to do it, especially if you can take advantage of the tax breaks that are on offer.

Please note, however, that the Five Senses Coffee team are not tax advisors and we strongly recommend that you seek advice from your own accountant on this matter (cos accountants are cool people). Click here for further information on the government’s business tax breaks.

If you are interested in discussing any of the equipment we have on offer, please contact either of our roasteries and speak to one of our sales team.