Small business Accelerated Depreciation
The budget measures, which allow small businesses to claim an immediate tax deduction for any business assets they purchase costing less than $20,000, has passed the Senate.
This is available for small businesses with a turnover of less than $2 million, and will apply to assets acquired between 7.30pm 12 May 2015 until 30 June 2017.
The new threshold of $20,000 will replace the previous instant asset write-off threshold of $1,000. Any asset costing $20,000 or more is subject to the existing depreciation rules. (this article was featured in our June 2015 newsletter)
