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1 June 2013

Small business owners: remember the new small business concessions and think about taking advantage of these before 30 June.

  • You can claim an accelerated initial deduction for motor vehicles used in the business. In the first year, the cost of the motor vehicle is added to the general pool but, unlike other assets, the deduction is $5,000 plus 15% of the remaining cost of the motor vehicle.

  • The instant asset write-off threshold has increased from $1,000 to $6,500. Also, depreciation pools have been consolidated into a single pool.

To find out more, please contact us.

 


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Institute of Public Accountants