New Australian Temporary Investment Tax Allowance

Australian Taxation Office, Dec. 19, 2008

The Australian Government will introduce a temporary investment allowance to encourage Australian businesses to undertake capital investment, and the investment allowance will be an additional tax deduction equal to 10 per cent of the cost of an eligible asset.

The allowance will apply to tangible assets used in carrying on a business for which a deduction is available under the core provisions of Division 40 (Capital Allowances) of the Income Tax Assessment Act 1997. It is confined to new assets and new expenditure on existing assets, used in Australia,
which cost $10,000 or more.

The Australian investment tax allowance will be available for new assets which are acquired, held under a contract or constructed after 12.01am AEDT December 13, 2008 and before 30 June 2009. These assets need to be installed and ready for use by the end of 30 June 2010 in order for the investment allowance to be claimed.

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