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
