Prime Minister Kevin Rudd announced on the 3rd February 2009 -
A business with an annual turnover of $2 million or less per year can:
- Claim an “Investment Allowance” (one-off additional tax deduction) of 30% for eligible assets (including new cars) costing $1000.00 or more, acquired between 13/12/2008 & 30/06/2009 and installed by 30/06/2010.
- Assets of the same eligibility acquired between 01/07/2009 & 31/12/2009 and installed prior to 31/12/2010 will attract a 10% allowance.
Other businesses with a turnover greater than $2million per year will obtain the same benefits. However, purchased assets (including new cars) must cost $10,000.00 or more.
**Please consult your Accountant or Tax Advisor for individual circumstances.
