-
RSS Follow Become a Fan

Delivered by FeedBurner


Recent Posts

Tax Tips November
October Tax Tips
Tax Tips - September 2014
Tax Tips for Business Owners - August 2014
Tax Tips for Business Owners - July 2014

Most Popular Posts

Large Proprietary Company
Get your business ready for the FBT year-end
Rental Property Tax Deductions 2011
Capital Gains Tax - Selling an inherited dwelling
Deceased Estates & Tax

Categories

Accounting
Business News
Tax
XERO Accounting Software
powered by

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



0 Comments to Small Business Tax Changes:

Comments RSS

Add a Comment

Your Name:
Email Address: (Required)
Website:
Comment:
Make your text bigger, bold, italic and more with HTML tags. We'll show you how.
Post Comment