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OCAU News |
Investment Allowance Tax Break
(19 Comments)
(link)
Friday, 1-May-2009 14:42:16 (GMT +10) - by Agg
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This is perhaps an unusual thing for the news page, but I saw my accountant earlier this week and he mentioned something interesting. The Federal Government has another economic stimulus which doesn't seem to be getting much coverage - it's the Investment Allowance which is available until the end of June 2009. Basically under certain circumstances it allows small businesses to claim a one-off 30% tax rebate of the cost of a depreciable asset.
The example they give is: A small business that buys and installs a $2,000 computer before the end of June 2009 can claim an additional $600 deduction in its 2008-09 tax return. It also applies to things like tools and even cars apparently, as they are depreciable assets.
So, if you're part of a small business and have been considering buying some computer equipment (perhaps from our excellent sponsors ;) ), it might be worthwhile looking into doing it before the end of June. That's generally a good idea anyway in terms of tax benefit, but at the moment there seems to be extra incentive. Check with your accountant and read the webpage for details.
Discussion here and it seems to have been noticed by the Photography crowd too.
Edit: apparently the details are not finalised yet, so as always, check with your accountant!
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