NEWS - Charter Boat Tax Break: 50 Per Cent Now!

NEWS - Charter Boat Tax Break: 50 Per Cent Now!

Charter yacht companies and marine financiers are cock-a-hoop. As announced by the Hon Wayne Swan MP in the Federal Budget, the 30 per cent Investment Allowance for small businesses has been increased to an incredible 50 per cent.

The new Investment Allowance applies to all news charter boats ordered before December 31 and operated as bona fide businesses aimed at being profitable. This means you can now claim half the capital cost of your new charter boat as a once-off tax deduction.

Not one to let the opportunity pass, Australian multihull builder Seawind Catamarans from Wollongong is staging investment seminars and disseminating compelling models of how the maths works. Here are some examples of what you could expect to claim:

• Seawind 160 (Charter Pack): Outlay $564,000; Investment Allowance $281,000
• SW1000XL (Charter Pack): Outlay $346K, 000; Investment Allowance $173,000
• SW1050R (Sailaway): Outlay $249,000; Investment Allowance $125,000
(Note prices have been rounded up and exclude GST)

Though the deadlines have now also been moved back (orders taken by December 31 2009 and boats operational by December 31, 2010), the available slots in Seawind’s Whitsunday Charter fleets are rapidly running out. In fact, there is only a handful of charter vacancies left, Seawind says.

Seawind will host daily Charter Investment Seminars at the Sanctuary Cove Boat Show (May 21-24) on A Dock. See www.seawindcats.com for details and charter deals.

Established marine finance company Finlease has investment plans for a number of key yacht companies. Contact principal Mark O'Donoghue at www.finlease.com.au