FAQ: What types of asset purchases qualify for the Temporary Investment Allowance tax break?
What types of asset purchases qualify for the Temporary Investment Allowance tax break?
New, tangible, depreciating business assets and new expenditure
on existing assets are elibigle for the Temporary Investment
Allowance tax breaks, including most:
- Cars
- Trucks
- Machinery
- Equipment
Intangible assets such as computer software and intellectual
property rights do not qualify for the tax break.
Bear in mind that there are also minimum spend requirements for an asset
to be eligible. Additionally, there are some limitations and
exclusions: for example, deductions on luxury cars will be capped
at the Luxury Car Limit.
Please note: The Temporary Investment Allowance
is no longer available for asset purchases made
after 31 December 2009. This information is provided for reference
purposes only.
Please note that this information is of a general nature only. You should consult an accountant to obtain information specific to your situation.
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How much is the additional tax deduction available under the Temporary Investment Allowance?
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Is there a required minimum spend to be eligible for the Temporary Investment Allowance?
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