15 Dec 08 Investment allowance to boost business investmentIn a media release issued on 12 December 2008, the Treasurer, Wayne Swan, announced a 10% temporary investment allowance - in the form of an additional tax deduction - which will encourage important capital investment by Australian businesses. The allowance will be applicable to most new tangible depreciating assets - which includes most items of plant and equipment - over $10,000 which are acquired or ordered by the end of the current financial year.
The investment allowance will be available for businesses who start to hold or start to construct the asset after 12.01am AEDT 13 December 2008 and before the end of June 2009. Assets must be ready for use by the end of June 2010.
For more information and a copy of the media release, No 2008/141, go here.