The ATO advises that to meet its 2013 election commitments the Government has reduced or removed some small business concessions. The changes are effective from 1 January 2014, meaning they may affect 2013-14 business income tax returns.
The instant asset write-off threshold has been reduced from $6,500 to $1,000. Assets costing less than $6,500 that were acquired and installed ready for use by 31 December 2013 can still be immediately written-off. Assets acquired on or after 1 January 2014 can only be immediately written-off if they cost less than $1,000.
The accelerated initial deduction for motor vehicles has been removed. Small businesses can still claim an accelerated deduction for motor vehicles costing $6,500 or more, as long as they were acquired and available for use by 31 December 2013.
For ATO case studies for the 2013-14 financial year, go here
For simplified depreciation rules, go here
For other income tax concessions for small business, go here and follow the links