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  • Small business: instant asset write off and simplified depreciation

    27 April at 11:31 from atlas

    Small business: instant asset write off and simplified depreciation
    This measure received royal assent on 29 March 2012

    On 2 May 2010, the government announced instant asset write-off and simplified depreciation changes for small business.

    The changes will enable small businesses to write-off all depreciable assets where the taxable purpose proportion is less than $5,000 in the income year in which they start to use the asset, or have it installed ready for use.

    This amount was subsequently increased to $6,500 as part of the carbon pricing announcements.

    It also allows for most other assets to be depreciated in a single pool at a 30% rate. The change applies from the 2012-13 income year.

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