What are the ‘Wins’ for Small Business The only immediate win for small business is the instant write off of assets costing less than $20,000. Now it’s important to understand this is not an extra deduction, rather the bringing forward of your depreciation deduction. From 7.30pm last night (12th May) any asset you purchase that costs less than $20,000 can be claimed as a tax deduction in the year of purchase. Normally you would need to claim[…..]

During the Budget Announcement in May by Joe Hockey, the put forward legislative changes for small business. These legislative changes were passed by Parliament last month. They come into effect on: The instant asset write-off has be reducedfrom $6,500 to $1,000 Abolition of the company loss carry-backfrom 1 July 2013; Abolition of accelerated depreciation for motor vehicles from1 January 2014; Reduction of the instant asset write-off from1 January 2014; Any business that has claimed the[…..]