For Small Business with aggregated turnover of less than $2 million, simplified depreciation rules are available, effective from 1 July 2012:
– Immediate write off most depreciating assets cost less than $6,500 each
– Pool most other depreciating asset and claim a 30% deduction
– Claim 15% deduction for newly acquired assets in the first year of purchase
– Claim an accelerated initial deduction for motor vehicles purchased in 2012-2013 and subsequent years
For the following assets, you have to use the uniform capital allowance rules rather than the concessional rules:
– Assets you lease or rent to others
– Assets allocated to a low-value pool
– Capital works
– Horticultural plants, including grapevines
– Investment in Australian films
– Software
– Research and Development
