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
- 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.