On 12th December 2008 Treasurer Wayne Swan issued a Media Statement that outlined the Rudd Governments Investment allowance framework.
Primarily for those investing in items of plant and equipment (Division 40Capital Allowances) with a cost of $10,000AUD or more between 13th December 2008 and the 30th June 2009 an investment allowance may be available as a one off tax deduction, as long as the asset is ready for use by 30th June 2010.
The investment allowance is an additional tax deduction, equating to 10% of the cost of the installed asset as defined by current Tax Legislation ((Income Tax Assessment Act 1977 (ITAA97)).
For property owners there is an opportunity to take advantage of this allowance as part of their asset management strategy in the preparation and maintenance of asset registers and capital allowance schedules.
Rider Levett Bucknall are currently assisting clients in ensuring that they take dvantage of all property tax allowances eligible to them. Please call your local RLB office for further details.