This paper proposes an efficient computation-aware mode decision and search point (SP) allocation algorithm for spatial and quality scalabilities in Scalable Video Coding. In our proposal, a linear model is derived to allocate the computation for macroblocks in enhancement layers by using the rate distortion costs of the base layer. In addition, an adaptive SP decision algorithm is proposed to decide the number of SPs for motion estimation under the constraint of the allocated computation. Experiment results demonstrate that the proposed algorithm allocates the computation resource efficiently and outperforms other works in rate distortion performance under the same computational availability constraint.