Assets costing less than $6,500 and purchased by small businesses between 1 July 2013 and 31 December 2013 are eligible to be written off immediately. However government has announced that from 1 January 2014 this threshold has been lowered to $1,000. Any asset purchased from 1 January 2014 can only be immediately written off if less than $1,000.
Accelerated initial deduction for motor vehicles
Similarly, there is a provision in place where, if a vehicle was purchased in the 2012/2013 year, an immediate deduction of $5,000 was allowable with the remaining amount to be depreciated in a general small business pool. If a motor vehicle was purchased between 1 July 2013 and 31 December 2013, the immediate deduction of $5,000 is still allowable. However this deduction has now been removed, as from 1 January 2014. Any motor vehicle purchased after 1 January 2014 will be added to the general small business pool without an immediate deduction.
Info only, please seek advice about your specific circumstances