Investment Allowance – Reminder of 31 December 2009 Deadline
As reported in our last newsletter, the federal government introduced an investment allowance for businesses that purchase new plant and equipment. The allowance would enable businesses to claim an extra tax deduction equal to 50% of the cost of the new plant and equipment.
For small businesses with an annual turnover of less than $2.0 million, they have until 31 December 2009 to commit to the purchase of these new assets in order to be entitled to the extra tax deduction.
Please refer to our last newsletter for the details on the requirements to be eligible for this bonus tax deduction, with articles on each of the following topics:
So if you are thinking about that new car or new computer for the business and would like the extra tax deduction for the 30 June 2010 year, you had better start planning for this now.