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The ATO has reminded taxpayers that the Government has implemented instant asset write-off and simplified depreciation changes for small business.

The changes will enable small businesses to write-off all depreciable assets where the taxable purpose proportion is less than $5,000 in the income year in which they start to use the asset, or have it installed ready for use.

This amount was subsequently increased to $6,500 as part of the carbon pricing announcements.

It also allows for most other assets to be depreciated in a single pool at a 30% rate. The change applies from the 2012-13 income year.

This measure was contained in Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Act 2012, which received Royal Assent on 29 March 2012.


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