Updated Advice Regarding the Investment Allowance 30% and 10%
Please note: This is a summary of an AELA Advice only and is intended for general information purposes only, and should not be construed as professional advice. Readers should seek professional advice from their accountants.
Eligibility – 30% Investment Allowance:
1. Purchases of new and used, tangible depreciating assets used in carrying on a business.
2. Small businesses turning over $2 m per year or less – minimum cost price excl GST is $1,000.
3. Other businesses turning over $2 m per year or more – minimum cost price excl GST is $10,000.
4. Asset to be acquired between 13th December 2008 and 30th June 2009 and installed by 30th June 2010.
5. Allowance is provided as an additional tax deduction. Clients claim 130% of the cost price with an outright 30% deduction claimable in the income year in which the asset is installed ready for use, and the remaining 100% over the effective life of the asset.
Up to 160 jobs will be lost after a Ford Credit Australia announced it is winding down part of its Australian operation.
The decision, which comes as the Australian car industry faces its worst sales performance in 30 years, means private car buyers will no longer be able to seek finance from the company, Fairfax reported on Thursday.
Prime Minister Kevin Rudd says $4.7 billion will be spent across a range of transport, rail, roads and education infrastructure as part of the Government’s measures to keep growth and productivity strong as the global financial crisis continues to bite.
Dear Sam,
This is a short note to display my gratitude towards Nick for a great deal he worked out for me - through some seemingly impossible odds.
Hi John,
Thanks a bunch for the good news, have spoken to the dealership and will be able to pick it up today itself in time for the weekend. It should be noted that the whole process was quite seamlessly handled by yourself with constant feedback as to where we stood in the process.
Will definitely recommend Platinum Car Loans to others and looking forward to eventually doing business with yourself at a future date.
Thanks again
Regards Nishad
John,
It was a pleasure to deal with you
I will for sure recommend you to family, friends and clients
Best regards
Victoria
A CHP is generally suitable for businesses using the “accruals” method of accounting for GST, or for individuals who used their motor vehicle for business related purposes. Under the “accruals” method, the GST component of the purchase price of the motor vehicle (or other asset) can be claimed back on the next BAS, rather than claiming the GST over the term of the finance contract.
Hi John
Thank you for assisting us with our application. it was great pleasure doing business with you. I and Abdul very satisfied with the service you have provided us in such a short time. We look forward again doing business with you in future.
All the best for CHRISTMAS AND A HAPPY NEW YEAR TO YOU AND ALL THE STAFF .
Abdul & Zureen
A hire purchase arrangement is an agreement to purchase vehicles, plant or equipment subject to payment terms. During the term of the agreement, the Bank or Finance Provider owns the vehicle, plant or equipment. Ownership is automatically transferred to you when you make the final payment. You also have the option to purchase the equipment at any time during the term of the agreement.
Hi Guys,
Had a client today, Easy auto.
Looking for $24k over five years for private use (secured loan)