Government Investment Bonus to finish this month.

The Federal Government’s Investment Allowance which has helped provide eligible businesses with a significant tax deduction on new vehicles purchased for use within their business is due to finish on the 31st of December 2009.

There are two types of deductions available, dependent on the size of the business.

Small businesses (ie turnover less than $2M) may receive a 50% tax deduction on new vehicles purchased before 31 December 2009. For example, if you own a small business and purchase a new Mitsubishi by 31 December 2009 for $20,000 and use it in your business by 31 December 2010, you can claim an additional $10,000 deduction in the year you first use the Mitsubishi in your business. (Actual benefit subject to individual circumstances. Eligibility criteria apply, seek advice from your registered tax agent.)

Other businesses (with a turnover of at least $2M) may receive a 30% tax deduction on new vehicles purchased before 30 June 2009. For example, if you own a business and purchase a new Mitsubishi by 30 June 2009 for $20,000 and use it in your business by 30 June 2010, you can claim an additional $6,000 deduction in the year you first use the Mitsubishi in your business. (Actual benefit subject to individual circumstances. Eligibility criteria apply, seek advice from your registered tax agent.)

To be eligible for this attractive tax incentive vehicles must be purchased before the 31/12/09, for more information please contact our sales team.

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