Reminder – Deadline on Investment Allowance for Businesses
Just a reminder of the impending deadline for those that are running businesses and want an incentive to go purchase some new depreciable assets for the business (whether that be a new laptop or new vehicle for the business).
The tax break available to small businesses is in the form of a “one off” additional deduction equal to 50% of the cost of eligible capital purchases.
The deadline is 31 December 2009. By this date, the small business must have committed to the purchase of the new capital assets. You are not required to have the asset installed ready for use – you must however be able to demonstrate you have committed to the purchase – eg have completed an order form/contract with the vendor for the purchase of the asset.