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Latest Accounting News
Hot Issues
Resources to help understand and implement Single Touch Payroll (STP)
Big fines, prison on the cards as new SG penalties introduced
Extra website resources and tools is one way we offer you and your family more.
FBT Exemption for Various Work Vehicles
Tax payable on expenditure recoupments
ATO identifies SMSF contravention red flags
Who wins dispute about taxable income?
Australia - facts & figures March 2019
Strategies to handle scam phone calls and problem e-mails.
Instant asset write-off threshold upped to $25k
Jail time for GST fraud
Correcting GST Errors
Fuel tax credit rates raised
ATO set to contact clients for overdue TPAR
Reminder on Victoria Property Duties
How Australia is performing.
Global outlook summary: Down but not out
Bookkeepers remind on incoming TPRS obligations
Golden Rules for Deductions
How's Australia going - vital statistics?
Tax, SMEs set to be ‘political football’ in 2019 as election nears
Cap lifted on popular financing option for clients
Expiry of 900,000 interest-only loans set for January
Australian Taxation Office (ATO) Scam Alert: Fake Demands for Tax Payments
Tax Office sounds alarm on popular property strategy
Our Advent calendar for 2018
Articles archive
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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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