Changes to Small Business Depreciation
As part of its 2013 election commitments the Abbott Government announced the following changes (effective from 1 January 2014);
– The instant asset write off threshold has reduced from $6,500 to $1,000 for assets acquired and installed ready for use after 31 December 2013.
– Assets costing $1,000 or more will need to be depreciated in the general small business pool (at a rate of 15% in the first year and 30% thereafter)
– The $5,000 accelerated initial deduction for Motor Vehicles (costing more than $6,500) has been repealed
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