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Information for Business Owners

Small Business Tax Changes

Tax changes that will apply to small businesses from the 2012-13 income year onwards include:

  • An increase in the small business instant asset write-off threshold from $1,000 to $6,500.

  • The long-life small business pool and the general small business pool, have been consolidated into a single pool to be written off, at the one rate of 30%. Newly acquired assets are to be deducted at half this pool rate, that is 15% in the year of allocation. 

  • Small businesses can claim an initial deduction of up to $5,000 for motor vehicles costing at least $6,500 acquired in the 2012-13 and subsequent income years. The remainder of the cost is depreciated through the general small business pool at 15% in the first year and 30% in the following years.

  • The entrepreneurs tax offset has been abolished from the 2012-13 income year onwards.

If you have any queries call Alan at BASMAN RETURNS on 0419 671 602

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