Immediate deduction for low-cost plant and machinery allowed in year of first use; disposal receipts and salary threshold rules also revised. Amendment permits full deduction in the year of first use for plant and machinery below a low-cost threshold. It revises the definition of "moneys ... Summary
Immediate deduction for low-cost plant and machinery allowed in year of first use; disposal receipts and salary threshold rules also revised.
Amendment permits full deduction in the year of first use for plant and machinery below a low-cost threshold. It revises the definition of "moneys payable" to include insurance, salvage, compensation and sale proceeds, and applies a proportional adjustment for motor cars where a deeming rule fixes cost. It also replaces the prior monthly remuneration test with a test based on the amount of income chargeable under the head "Salaries" being at or below a specified threshold.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.