Happy New Year - some positive changes for Small Business in 2013!
Increased Asset Instant Write Off threshold
Previously, assets costing less than $1,000 could be written off in the year of purchase, rather than being depreciated over time. Since July 2012, this threshold has now increased to $6,500 for small businesses.
Accelerated Depreciation for Cars
The General Small Business Pool is used to depreciate assets at 15% in the year of purchase, and 30% in following years. Since July 2012, the first $5,000 spent on any motor vehicle can now be claimed up front, with the balance of the cost being claimed in the Pool, at 15% in the year of purchase and 30% in years thereafter.
The Long Life Pool was used to depreciate assets with a life of more than 25 years, at a rate of 5%. Since July 2012, these assets can now be included in the General Pool, and be depreciated at the higher rate of 30%. Any Long Life Pool Balance you have at 1 July 2012 can be moved to the general pool and claimed at 30%.
Key Dates between now and the end of February include: 21 January 2013: Monthly BAS/IAS for December 2012 due for lodgement 28 January 2013: Due date for Super Guarantee for December 2012 quarter 21 February 2013: Monthly BAS/IAS for January 2013 due for lodgement 28 February 2013: Quarterly BAS/IAS for December 2012 due for lodgement