Small Business Asset Write Off
The Institute of Public Accountants (IPA) has reminded small businesses that the current small business instant asset write off threshold of $6,500 will go back to $1,000 from 1 January 2014 as part of the Government's repeal of the mining tax. Accordingly, the Institute says eligible small businesses should consider taking advantage of the current threshold before it plummets as of 1 January 2014. "It is understandable that the Government needs to find ways to plug the hole left by the MRRT repeal but we would encourage small businesses to do some asset Christmas shopping if they are in a position to do so," said IPA CEO, Andrew Conway. Mr Conway noted the extra accelerated depreciation claim of $5,000 for motor vehicles will also be scrapped.Contact A Grade Tax Accountants Penrith if you require any clarification or tax advice.
Source: IPA media release, 22 November 2013
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