Tax Concessions for Businesses
The Government has announced changes to the temporary investment allowance, which was announced in December 2008. Broadly, the amendments will:
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increase the rate to 30% (from 10%) for eligible assets acquired between 13 December 2008 and 30 June 2009, and install ready for use by June 2010;
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extend the allowance to assets acquired between 1 July 2009 and 31 December 2009, and installed by 31 December 2010, but at a rate of 10%; and
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decrease the cost of the eligible assets threshold for small businesses to $1,000.
General businesses will also be eligible for the allowance, provided the cost of eligible assets is more than $10,000.
