Last chance for government investment allowance this Financial year

If you’re in business you’re probably well aware of the “Small Business and General Business Tax Break” otherwise known as the Government Investment Allowance.

According to the ATO the Investment Allowance is now law and you can still take advantage of it in this financial year by purchasing before June 30.

For small businesses (Less than $2 million turnover a year) you may:

• Be able to claim a 50% expense in addition to your regular asset depreciation schedule
• Have until December 31 2009 to make the investment
• Have until December 31 2010 to take delivery

For other businesses (More than $2 million turnover a year) you may:

• Be able to claim a 30% expense in addition to your regular asset depreciation schedule
• Have until December 31 2009 to make the investment
• Have until June 30 2010 to take delivery

Tablet PC does not provide financial or Tax advice, so you need to seek professional advice to determine whether this information applies to your business.

Visit the ATO website to read the explanatory memorandum here.