If you are a small business (with a turnover less than $2 million
a year – including the turnover of any business connected with
you), you can claim the small business and general business
tax break for expenditure on eligible new tangible depreciating
assets.

The tax break:
■ provides an extra tax deduction of 50% of the cost of eligible
new tangible depreciating assets
■ applies to new tangible depreciating assets and certain new
investments in existing assets.
You can claim the tax break where both of the following apply:
■ you committed to investing in the asset between
13 December 2008 and 31 December 2009 inclusive
■ you first use the asset, install it ready to use, or (in the case
of new investment in an existing asset) bring the asset to its
modified or improved state, on or before 31 December 2010.
Generally, you ‘commit’ to investing when you do one of the
following:
■ enter into a contract the asset is held under
■ start to construct the asset
■ start to hold the asset in some other way.
You can claim the deduction for eligible assets costing
$1,000 or more.
If you have a turnover of $2 million or more a year, different
rules apply.
To meet the relevant threshold, you can combine your
investment in a set of assets, or in a group of assets where
the assets in the group are identical or substantially identical.
The tax break is in addition to any capital allowance deduction
you can claim for the asset.
Provided you meet all of the eligibility criteria, you can claim the
deduction in the income year you first used or installed the asset
ready for use.