The Federal Government's generous "Small Business and General Business Tax Break" has very specific timing rules. 31 December 2009 looms as a very important date for both large and small businesses who wish to access tax concessions for capital expenditure.
While the rules around the Investment Allowance may appear to be straightforward, there is some devil in the detail. Qualifying assets, qualifying use, aggregation of expenditures and tests for small business entity status are all issues which need to be considered.
Have you informed your clients of these very worthwhile concessions? Don't risk being asked after it is too late!
The seminar also provided a timely refresher of the Uniform Capital Allowances regime and highlighted some of the practical considerations which have come to light during the 8 years since these provisions were introduced.