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Latest Accounting News
Hot Issues
In case you missed it – The company tax Bill that did pass Parliament.
GST spotlight headed to smaller end of town
Superannuation Amnesty – Maybe! Maybe Not!
ATO drills in car-sharing focus this tax time
What is Bankruptcy?
Update of Australia's vital statistics
ATO speaks on risk factors, surveillance triggers for FY19
ATO’s corporate residency guidance cops backlash
ATO dispels top tax time myths to clients as clampdown rolls out
Tools for budgeting, cash flow, Super and more ….
Guidance for SMSFs on transfer balance reporting
ATO issues alert on super, tax scams
Salary sacrifice integrity
Understanding the evolution of blockchain and cryptocurrencies
Update to Australia's vital statistics
Tax Time Checklists- Individual, Company, Trust, Partnership and Super Funds
SMSFs - Our 'hardest' jobs
Tax Office reveals adventurous, dubious claims ahead of tax time
ATO reveals top tax time mistakes, set to contact 1 million taxpayers
Watch out for charges with incoming GST laws.
Super savings gap for women stuck at 30%
‘Wipe the slate clean’: Clients, accountants urged to use new amnesty period
Statistics for all Australians
Touch Payroll (STP)
‘Calm before the storm’: Government proposes 12-month SG amnesty
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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
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
        
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