Small Business Asset Write-Off Changes
– Be Aware!
The Coalition Government recently announced that it would make the small business asset write-off rules less generous as follows:
- The $6 500 Instant Asset Write-Off – will be reduced to its old rate of $1 000.
- The $5 000 Vehicle Write-Off, which allowed small businesses to claim a bonus $5 000 write-off in the year a vehicle is purchased, will be abolished.
The implementation of these changes became effective from 1st January, 2014.
So, if you are contemplating low cost equipment or vehicle purchases, think again!!!
Call us on 9762 7344 for more information or to book an appointment with one of our accountants.