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Articles
Small Capital Purchases - Act before 1st January 2014

Reduced Capital Allowances for Small Business Entities

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

With the repeal of Mineral Resources tax has come some other revenue offsetting measures.


Our article Reduced Capital Allowances for Small Business Entities - Under the New
Changes includes details of the depreciating asset reduction from $6,500 to $1,000.

This means for SME that tax claims for small items of equipment and motor vehicles,
will revert to the 3-5 years instead of immediate.

The legislation assuming it is passed, will commence 1st January 2014, although the carbon tax and associated rules will not be repealed until 1stJuly 2014.

You therefore only have a few days before 1st January 2014, to be able
to use the current rules.

If you assume the usual "installed ready for use" requirement, some prompt action may be needed to maximise your tax deduction.



20th-December-2013