Due to the repeal of the Mining Tax there is going to be a few changes that may affect you and your business.
The main changes we would like to make you aware of are:
– Immediate Deduction for Small Businesses: From January 1, 2014 small businesses will only be able to claim an immediate deduction for depreciating assets costing less than $1,000. In order to make use of the $6,500 immediate write off threshold, small businesses will have to acquire the Â asset prior to January 1, 2014; and
– Immediate Deduction for Motor Vehicles: From January 1, 2014 small businesses will no longer be able to claim the immediate $5,500 deduction for acquiring an eligible motor vehicle. So, if small businesses want to claim the immediate $5,500 deduction the motor vehicle must be acquired prior to January 1, 2014.
Be sure to check the dateÂ before buying assets / motor vehicles, you don’t want to be buying on the assumption that you will be able to claim the immediate deductions.
If you have any queries or would like further information on how this many affect you, please do not hesitate to contact our office.