Federal government have already proposed a 30% investment allowance on capital equipment. In addition to that, the federal government recently announced a further 20% deduction for small businesses and extended the order cut-off date to December 31, 2009.
SEW Eurodrive’s energy saving solutions can enable investments to be realised within 12 months. SEW Eurodrive’s energy saving solutions are suitable for getting quotes on palletising machines, conveyor systems, packaging machines or storage and retrieval systems.
According to SEW Eurodrive, the following investment allowance criteria for large and small businesses can guide the prospective customers to make use of the tax deduction.
Large businesses (annual turnover higher than $2 million per annum):
- Investment allowance is 30%
- For new and demonstrator assets only (not used)
- The cost price must be over $10,000
- Acquired or ordered between 13th December 2008 and 30th June 2009
- Eligible capital equipment only
Small businesses (annual turnover less than $2 million per annum):
- Investment allowance is 50%
- For new and demonstrator assets only (not used)
- The cost price must be over $1,000
- Acquired or ordered between 13th December 2008 and 31st December 2009
- Eligible capital equipment only