Tax Boost for New Charter Boat Ownership

Significant Boost for New Charter Boat Ownership

The Treasurer recently announced a business tax break applying to small and general business as part of the stimulus package.

This tax break permits businesses to claim accelerated depreciation of 30% on top of normal depreciation on new assets purchased from 13 December 2008 until 30 June 2009.  The assets purchased must be installed and ready for use by 30 June 2010.  This supersedes the 10% accelerated tax break previously announced in November 2008.

Although we are yet to see the legislation, we can see no reason why this tax break should not apply to the purchase of new yachts for hire in the charter industry.  A new boat will consequently generate an added tax advantage for your business in the first year of ownership – good for you, good for the economy.

If you would like to look at the detailed media release from the Treasurer it can be found at http://www.treasurer.gov.au/DisplayDocs.aspx?doc=pressreleases/2009/012.htm&pageID=003&min=wms&Year=&DocType=0

Bavaria Charter Australia works closely with the best charter companies around Australia with the aim of matching the right investor to the right operator.  Along with a proven record of adapting Bavaria’s for survey (required for charter operation), Bavaria Charter Australia works with charter yacht buyers to set up business plans, provide basic tax advice and advises on all considerations for maximising the charter yacht investment opportunity.

If you are considering buying a new yacht to put into charter and want to take full advantage of this opportunity, please call Bavaria Charter Australia: T: 07 4948 0206 /E:  skey@bavariayachts.com.au.