As of 1 July 2010 the luxury car tax threshold will increase from $57,180.00 to $57,466.00.

This will mean the maximum GST claim allowable will be $5,224.18.
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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 13^th December 2008 and 30^th June 2009 and installed by 30^th 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. Read more »