The Federal Government is legislating for an additional tax break for business on the purchase of new assets. Equipment, plant or vehicles purchased before June 30, 2009, for installation or use before June 30, 2010, will attract a 30% tax deduction. Michael Jones of Cummings Flavel McCormack points out that software, trading stock and land will not qualify, and the assets must be purchased, not leased. It's part of the government's push to stimulate the economy by encouraging spending.
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