Phone: (03) 9563 4688

Email: office@aubreypaton.com.au

Address: 17D Chester Street, Oakleigh VIC 3166

Latest Accounting News
Hot Issues
300,000 SMEs utilising $20K write-off, says ATO
‘A bad thing times 10’: ATO set for new SMSF blitz
Capital Gains and Renounceable Rights
Paperwork bungles lead to $38k in payments
Australian Dietary Guidelines and healthy eating chart (PDF)
Former director liable for company’s unpaid tax liabilities
Resources on our site to help you, your family and your friends.
Super for housing measures enter Senate
No Special Circumstances to allow Excess Super Contributions
Housing tax measures progress to Parliament
AirBnb – wrong tax outcome?
Are young investors wasting their youth?
ATO sending 'more letters than ever' on income tax errors
Powerful Budgeting, cash flow and Super Tools available on our site.
Property, unit trusts in ATO's sights
Australian Dietary Guidelines and healthy eating chart (PDF)
Major Bank Levy Passed
NSW tops list as ATO reveals billions in lost super
Australia's leading causes of death - ABS
How is your super going, ready for retirement?
ATO increasing data exchange with international regulators
Illegal SMSF early access scheme leads to $6,000 fine
Our 'hardest' SMSF tasks
Uber drivers hit for 10% tax
Lack of literacy promotes unrealistic goals
Taxpayer failed to prove that payments were “loans”
New STP dates confirmed as ATO goes on compliance blitz
ATO flags compliance project for FY17/18
Items that heat up your depreciation deductions
Articles archive
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 3 July - September 2014
Quarter 2 April - June 2014
Quarter 1 January - March 2014
Quarter 4 October - December 2013
Quarter 3 July - September 2013
Quarter 2 April - June 2013
Quarter 1 January - March 2013
Quarter 4 October - December 2012
Quarter 3 July - September 2012
Quarter 2 April - June 2012
Quarter 1 January - March 2012
Quarter 4 October - December 2011
Quarter 3 July - September 2011
Quarter 2 April - June 2011
Quarter 1 January - March 2011
Quarter 4 October - December 2010
Quarter 3 July - September 2010
Quarter 2 April - June 2010
Quarter 1 January - March 2010
Quarter 4 October - December 2009
Quarter 3 July - September 2009
Quarter 2 April - June 2009
Quarter 1 January - March 2009
Quarter 4 October - December 2008
Quarter 3 July - September 2008
Quarter 2 April - June 2008
Quarter 1 January - March 2008
Quarter 4 October - December 2007
Quarter 2 April - June 2007
Quarter 1 January - March 2007
Quarter 2 April - June 2006
Quarter 1 January - March 2006
Quarter 4 October - December 2005
Quarter 3 July - September 2005
Quarter 1 of 2014
Articles
Super Contributions - Electronic Transfers
A-Z Tax Topics - ATO
Personal Property Securities Register (PPSR) - Changes 31 January 2014
Reduced Capital Allowances for Small Business Entities
Managing Tax Affairs - Travel & Other
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.

 

 


     


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 $6,500 before 1 January) 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 $6,500 before 1 January);

  • small business entities would be able to allocate depreciating assets that cost $1,000 (rather than $6,500 before 1 January) 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 will 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 $6,500 before 1 January) 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

 

 

 

 

 

 



15th-February-2014