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4 September 2014

2013/2014 Small Business Concession Changes

Last Tuesday the Senate passed the repeal of the Minerals Resource Rent Tax. This also meant the following small business concessions have been repealed:

  • The company loss carry back rules – small businesses will no longer be able to carry back losses to the prior year as an offset from 1 July 2013.
  • The instant asset write off threshold of $6,500 under the simplified depreciation rules – the write off threshold will revert back to $1,000 from 1 January 2014.  This means we have a different treatment in the 2014 financial year depending on when the asset was acquired.
  • Accelerated deduction of $5,000 for motor vehicles – this immediate deduction will no longer be able to be claimed from 1 January 2014.  This means we have a different treatment in the 2014 financial year depending on when the vehicle was acquired.

Please note we had anticipated the above approved legislation changes and so have taken them up as part of our policies when preparing the 2013/2014 accounts. This means no amendments are required for already completed tax returns.

 

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This Newsletter, of necessity, has dealt with matters of a technical nature in general terms only. Clients should contact us for detailed information on any of the items in the Newsletter. No responsibility for loss occasioned to any person acting or refraining from acting in reliance upon any material in this Newsletter can be accepted by any member or employee of the firm.

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