How does the Tax Break apply to partnership assets?
The principle that the Tax Break is to be claimed by the same person who claims capital allowance deductions in relation to the asset also applies to partnership assets. Where an eligible asset is held by a partnership, it is the partnership rather than any individual partner that is eligible to claim capital allowance deductions in relation to the asset. So, the partnership would be the taxpayer that is able to claim the Tax Break. The ATO can assist you with understanding whether or not an asset is a partnership asset (see www.ato.gov.au).
