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01 Oct 14 Small business concession case studies

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

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