THE FEDERAL Government has proposed a 30% investment tax break for businesses that invest in new construction machinery.
Under the plan, companies that purchase road construction machinery and other equipment costing over $10,000 can claim a bonus 30% deduction for the purchases. This is in addition to the usual allowance claimable as part of a business’s income tax return.
To be eligible, businesses must acquire the equipment between 13 December 2008 and 30 June 2009 and have it installed and ready to use by 30 June 2010.
The scheme is part of the $42b Nation Building and Jobs Plan which still has to pass through the Senate. It is designed to bolster economic activity and support jobs.
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