Investment Allowance

01-Jun-2011 The Small Business and General Business Tax Break legislation has received Royal Assent and is now law. The tax break, in the form of an investment allowance, provides: Small business entities (turnover of less than $2 million a year): An additional tax deduction of 50 per cent of the cost of eligible new tangible depreciating assets where the business commits to investing in the asset between 13 December 2008 and 31 December 2009 and first uses the asset, or installs it ready for use, or (in the case of new investment in an existing asset) brings the asset to its modified or improved state on or before 31 December 2010.