New 50% tax deduction for business investment

Small businesses may be entitled to a 50% tax deduction on eligible new tangible depreciating assets. Other businesses may access a 30% or 10% tax deduction. All tax breaks depend on timing of purchase and first use or installation.

To claim the 50% tax deduction by 30 June it needs to be installed and ready for use in this financial year.  The deduction is available until 31st December 2009.  It cannot be a secondhand item, and it appears it is not eligable for software.

PJT Accountants & Business Advisors

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