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The Government will increase the diminishing value rate for determining depreciation deductions from 150 per cent to 200 per cent for all eligible assets acquired on or after 10 May 2006.

The Treasurer said that this measure will more accurately align depreciation deductions for tax purposes with the actual decline in the economic value of assets. It will increase the incentives for Australian business to undertake the investment in new plant and equipment that is necessary for them to keep pace with new technology and to remain competitive.

For a copy of the Treasurer's press release No 41, 9 May 2006, go here

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