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Federal Govenment Tax Break for new equipment
Till 30 June 2009 Only
Here is what we have heard but as we are not qualified to give you tax advice talk to your accountant before making any decisions.
As part of its package to stimulate the economy and encourage capital expenditure, the Government has introduced a 30% Investment Allowance. The allowance will be offered on almost all new plant and equipment, motor vehicles and other assets that are acquired between the 13 December 2008 and before the 30 June 2009. From the 1 of July 2009 the allowance will be scaled back to 10%.
If you were thinking of purchasing or updating a vision system then now is the time to seriously look at making that decision as the tax benefits are very generous.
Some examples of the tax deductions available are as follows;
| Value of Asset Acquired | $10,000 | $20,000 | $50,000 | $100,000 |
|---|---|---|---|---|
| Normal Depreciation deduction (1) (2) | $ 1,500 | $ 3,000 | $ 7,500 | $15,000 |
| 30% Investment Allowance | $ 3,000 | $ 6,000 | $15,000 | $30,000 |
| Total Tax Deduction | $ 4,500 | $ 9,000 | $22,500 | $45,000 |
(1) A Business with a turnover of less then $2 Million dollars a year is allowed to claim a 15% depreciation deduction on all new assets in the year of acquisition and 30% in all subsequent years.
(2) For a business with a turnover of greater then $2 million dollars per year the depreciation rates are slightly different.
As you can see from the above examples, the New Investment Allowance makes it very attractive to acquire any new assets between now and the 30th of June 2009.
Qualifying conditions
- You must be a business
- The asset must be new
- For a business with a turnover of
less then $2 million dollars per annum, you are eligible for assets
costing $1,000 or more. For
other businesses, a minimum expenditure threshold of $10,000 applies.
Adept Electronic Solutions are "The machine vision and imaging specialists" providing expert advice and timely support. To find out more about the New Investment Allowance please email us at: adept@adept.net.au, call us at Perth (08) 92425411 / Sydney (02) 99792599 / Melbourne (03) 95555621 or use our online contact us form.
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