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Articles
Rebate Income - New Concept
Family Tax Benefit (FTB) - Change to delivery of
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Finer Details Investment Allowance
PAYG Instalments - Are You Paying Too Much?
Working Australians Tax Bonus Administration

Budget 2009 - 10  -  Overview, Summary, Papers.

News From George and John
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30% Investment Allowance - One time window of opportunity
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Finer Details Investment Allowance
.

Although the broader details of the Investment Details are reported elsewhere (link 30% Investment Allowance - One time window of opportunity) there are some subtleties as more detailed examination of the legislation occurs.
  • Eligibility is restricted to holders of assets (who will be claiming depreciation) and equipment acquired under a lease will not entitle the user of the equipment to the allowance.  The allowance will be claimed by the holder, who is the finance company.

    Negotiations would need to recognise that some part of that entitlement can be transferred via reduced payments.

  • Although an item may have some Private Use, if it satisfies the requirement to be principally used for business, then the allowance is claimable on the full cost.

  • Individual items, which together form a set, can be counted towards the minimum expenditure requirement.
  • Capital expenditure that is not eligible for the allowance in one year (e.g. less than minimum or not installed ready for use) may be carried forward and then grouped with a subsequent year.

    Example - a tractor costs $9,000 in year one (non-SME taxpayer) and adds a backhoe costing $2,000 in year two.  The allowance on $11,000 can be claimed in year two.

  • The threshold test may also be met by with other related entities, but ask about this one.

 

 

 

 



23rd-May-2009