New incentive for machinery purchases in 2009

摘要

Great news for suppliers and purchasers alike was announced by the Federal Treasurer Mr Swan, who unveiled on 12 December 2008 a new initiative to further boost economic activity in the form of a Capital Investment Allowance. This capital allowance will be in the form of an additional tax deduction equal to 10% of the cost of the eligible asset, that is, a 10% tax deduction on top of tax deductions allowed under the existing depreciation allowances.