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Small Business Depreciation Changes from 1 July 2012

July 18, 2013
by Jessica
0 Comment

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

About the Author
Registered Tax Agent, qualified Chartered Accountant Australia (ICAA/CA), qualified professional bookkeeper that specializes in small business bookkeeping. MYOB Connected Partner, Xero Partner Practice and QuickBooks Online Certified ProAdvisor.
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