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Do you know what government's 12 capital incentive tax allowances are and how they'll help your business?

by , 13 June 2014
Capital incentives are a government initiative to promote interest in the private sector around certain capital expenses, according to BuisnessDictionary.com.
The government offers these tax incentives in different forms. Sometimes, they're subsidies. Other times, they'll be in the form of business tax benefits.
This means there are tax benefits here you may not be taking advantage of - 12 of them to be exact.
Luckily, today we reveal all 12 of the capital incentive tax allowances you can claim.

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12 capital incentive tax allowances you may not know about

According to the Practical Tax Loose Leaf, there's a long list of tax deductions and tax allowances you can claim. 
 
Many of them, such as travel allowances and bad debt tax-write offs, you probably already know about. But there are 12 capital incentive tax allowances you may not know about:
 
1. Industrial buildings or improvements (tax incentive: 5% of the cost);
2. New commercial buildings other than accommodation (tax incentive: 5% of the cost);
3. Building in an urban development zone (tax incentive: 20% in the first years);
4. Hotel buildings (tax incentive: new constructions get 5% of the cost and refurbishments get 20% of the cost);
5. Hotel equipment (tax incentive: 20 % of the cost)
6. Aircraft (tax incentive: 20% of the cost);
7. Farming equipment (tax incentive: 50% in the first years);
8. Ships(tax incentive: 20% of the cost);
9. Plants and machinery (tax incentive: 40% in the first years);
10. Small business's plants and machinery only (tax incentive: 100% of the cost);
11. Non-manufacturing assets (tax incentive: 50% in the first year); and
12. Getting licenses and certifications.
 
If you want more details about each of these allowances, here's the best place for you to find them...
The best place for you to get all the information about these allowances
 
The Practical Tax Loose Leaf has all the information you need about these and other tax allowance. Turn to the chapter on Companies – allowances and deductions for all the details you need.
 


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