Tuesday 24 Apr 2018
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Latest Accounting News
Hot Issues
Single Touch Payroll – 1 April 2018 Action
Property investors on notice after ATO spots false claims
ATO issues update on cryptocurrency compliance traps
Australia's vital statistics
Accountants spy elder abuse spike as mortgage stress sets in
Tax office releases fresh guidance on SMSFs
Labor's tax plans could favour the rich, analysis shows
FBT Reminder – Odometer Reading
Our website is really our digital office.
‘Substantiation will be a key focus’: ATO drums in tax time 2018 hit list
Super changes: $1.6 million transfer balance cap and death benefit pensions
Payroll, compliance issues top dodgy practices in Aussie business
Employee travel expense deductions
The Goldilocks effect - Economic and market update 4Q 17
Tax assessments confirmed for undisclosed business income
Super returns on the up despite clients’ hesitation
Australia. All you need to know to be the expert.
Business confidence hits 5-month high: NAB
Caution advised on best interests duty with cryptocurrencies
$20,000 asset write-off renewed for another financial year.
SMSF compliance traps with bitcoin
Where Australia is at. Our leading indicators.
Foreign resident CGT withholding: early recognition of tax credit
ATO set to doorknock as 60% of cash-heavy businesses caught
New downsizing cap available
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Articles
Rebate Income - New Concept
Family Tax Benefit (FTB) - Change to delivery of
Individual's - Income Tax Rates
Senior Australians Tax Thresholds
Research and Development Tax Concession
Finer Details Investment Allowance
PAYG Instalments - Are You Paying Too Much?
Working Australians Tax Bonus Administration

Budget 2009 - 10  -  Overview, Summary, Papers.

30% Investment Allowance - One time window of opportunity
Plant & Equipment or Fixtures & Fittings?
The Road to Recovery
Will we see more Bankruptcies or Part X's?
Small Business Tax Break
30% Investment Allowance - One time window of opportunity

With the aim of creating more demand within the business community, the government has announced a temporary 30% investment allowance valid for most new assets acquired between 13 December 2008 and 30 June 2009.


This will be an additional deduction based upon the cost of the depreciating assets.  For those older taxpayers who remember the investment allowance of several decades ago, it is very similar with more bells and whistles.

Features include:-

  • Start to hold between 13 December 2008 and 30 June 2009, and installed ready for use by 30 June 2010 - 30% bonus, or

  • In the following 6 months period (roughly) - 10%

  • Small business entity minimum cost is $1,000, other businesses $10,000

  • Business use proportion of GST exclusive cost (i.e. private use is excluded)

  • Applies to most tangible depreciating costs e.g. machinery and equipment, but not land, trading stock, cars deducted under cents per kilometre rule

  • Must be new - never previously been used or installed ready for use. There is an exception for reasonable testing and trialling - a demo car might pass when first used.

  • It must be principally in Australia for the principal purpose of carrying on a business (assets held in a holding company may only generate rental income which is not necessarily business income)

 

 



24th-April-2009
        
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