FAQ: When do assets need to be installed to qualify for the Temporary Investment Allowance 30% tax break?

When do assets need to be installed to qualify for the Temporary Investment Allowance 30% tax break?

To qualify for the small business (50 per cent) tax break under the Government's Temporary Investment Allowance, the eligible assets must be acquired (under a contract) or started to be constructed between 13 December 2008 and 31 December 2009, and must be delivered, installed and ready for use by the end of December 2010.

To qualify for the general business (30 per cent) tax breaks, the eligible assets must be acquired (under a contract) or started to be constructed between 13 December 2008 and 30 June 2009, and must be delivered, installed and ready for use by the end of December 2009.

To qualify for the general business (10 per cent) tax breaks, the eligible assets must be acquired (under a contract) or started to be constructed between 1 July 2009 and 31 December 2009, and must be delivered, installed and ready for use by the end of December 2010.

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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Are demonstrator vehicles eligible for the same tax break as new assets under the Temporary Investment Allowance?

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