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Tuesday, 27 October 2015

$20,000 instant asset write-off for small businesses has become law

  1. New and second hand assets acquired between 7.30pm on May 12, 2015 and June 30, 2017 can now be immediately written off by small business entities.
  2. Assets costing $20,000 or more will continue to be deducted over time using a small business pool.
  3. The low pool value threshold will also increase to $20,000 to allow for an immediate deduction if the pool balance is less than $20,000 at the end of an income year.
  4. The 'lock-out' rule has been suspended until the end of June 30, 2017. This means small business entities that have previously elected out of the simplified depreciation regime can now re-enter the scheme without having to wait for the 5-year lock-out period to lapse.
  5. A small number of assets may not be eligible for the accelerated depreciation, including:
      • Horticultural plants;
      • Capital works;
      • Assets allocated to a low-value pool or software development pool;
      • Primary production assets that have been elected to be depreciated under the normal depreciation rules rather than the simplified depreciation rules; and
      • Assets leased to another party on a depreciating asset lease.
  6. For more information on the new law, click here.

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