As from the 2012-13 income year, small business can now benefit from:
- the instant asset write-off threshold has increased from $1,000 to $6,500
- claim an accelerated initial deduction for motor vehicles acquired in 2012-13 and subsequent years
- the long life small business pool and the general small business pool have been consolidated into a single pool to be written off at one rate.
For more information about whether you can claim an instant asset write-off or accelerated deduction for motor vehicles see the ATO website. For further information about the simplified depreciating pooling arrangements, contact Sinclair Wilson to discuss how this will affect your business.