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URGENT NOTIFICATION - CHANGES TO SMALL BUSINESS IMMEDIATE WRITE OFF CONCESSIONS

The government have announced that they are removing the immediate write off provision for assets costing less than $6500.  In addition, small businesses were also able to claim the first $5,000 of the purchase price of a motor vehicle (new or used) as an immediate deduction. 

The original provisions were brought in as part of the mining tax legislation concessions.  Now with the repeal of the mining tax legislation, this provisions are also being repealed.

From 1 January, 2014 the immediate write off provisions will reduce from assets costing up to $6,500 down to assets costing $1,000 each.  The immediate deduction of $5,000 on the purchase of a motor vehicle will cease altogether. 

If you are a small business and you are intending to purchase any assets that cost up to $6,500 or a new/used vehicle, you must purchase these prior to 1 January, 2014.

For more information in relation to this change, please refer the attached:

http://www.treasury.gov.au/ConsultationsandReviews/Consultations/2013/MRRT-and-related-measures-Repeal

 

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