The ATO has introduced reforms targeted at improving cash flow for small business.
From the 2012-2013 income year, small business can:
- immediately write-off assets valued at under $6500 (up from the current $1000 limit)
- write-off all other assets (except for buildings) in a single depreciation pool at a rate of 30% (15% in the first year).
Need new equipment now but don't have the cash and want to take advantage of new rules?
KRW can organise finance for you new equipment so that you get your equipment now, you get your immediate tax deduction, and you pay the goods off over 2 or 3 years.
There has never been a better time to upgrade your business equipment.
Contact our office for more information.
This is a general information bulletin and KRW recommend that you contact your tax agent to discuss how these changes affect your business. Additional information can be found on the government website Future Tax
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