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Articles

Reduced Capital Allowances for Small Business Entities

Small Capital Purchases - Act before 1st January 2014
Penalty for unsubstantiated work-related deduction claims
Death, divorce, relationships and complications
Buying a Property
Plumbers were full-time casuals, not contractors
GST and adjustment notes
Residency requirement for CGT home exemption failed
Residency Tested Again – Taxpayer Loses

Reduced Capital Allowances for Small Business Entities

The repeal of Mineral resources tax by the new Federal Government is linked to a number of revenue measures.


Tax rules to be repealed are company loss-carry back (1 July 2013), low income superannuation contribution (1 July 2013), income support bonus (1 July 2013), school kids bonus (1 January 2014) and capital allowances concessions.

Already in doubt is repeal of the school kids bonus, because of failure to pass the
Senate.  Hence, this still may be paid to eligible parents in the New Year.

The capital allowances concessions will be scaled back as:

  • small business entities would be able to claim a deduction for the value of a depreciating asset that costs less than $1,000
    (rather than the current $6,500) in the income year in which the asset is
    first used or installed ready for use;
  • small business entities would be able to claim a deduction for an amount included in the second element of the cost of a
    depreciating asset that was first used or installed ready for use in a previous
    income year, provided the amount is less than $1,000 (rather than the current
    $6,500);
  • small business entities would be able to allocate depreciating assets that cost $1,000 (rather than the current $6,500)
    or more to their general small business pool and claim a deduction for the
    depreciation of the assets in the pool;
  • assets allocated to the general small business pool would depreciate at a rate of 15% in the year in which they are allocated,
    and a rate of 30% in subsequent income years; and
  • if the value of a small business entity's general small business pool is less than $1,000 (rather than the current
    $6,500) at the end of the income year, the small business entity would be able
    to claim a deduction for the entire value of the pool.

    Motor vehicles would be subject to the same rules as other depreciating assets


20th-December-2013