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  • Small business: instant asset write off

    13 September at 11:02 from atlas

    Basically, 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 may be increased to $6,500 as part of the carbon pricing announcements.

    The changes also allow most other assets to be depreciated in a single pool at a 30% rate. The change will apply from the 2012-13 income year.

    What does this all mean, well normally if you purchased say a computer for $2500, it would need to be depreciated over 3-4 years. As of July 2012 assets