Small Business Asset Write-Off Changes – Get in Quick!
During the recent Federal Election campaign the Coalition announced that, if elected, it would make the small business asset write-off rules less generous as follows:
- $6,500 Instant Asset Write-Off – will be reduced to the prior rate of $1,000
- $5,000 Vehicle Write-Off which allows small business to claim a bonus $5,000 write-off in the year a vehicle is purchased, will be abolished altogether
This week the Government announced that these changes will be implemented on 1 January 2014. If you are contemplating low cost equipment or vehicle purchases, you may wish to bring forward your purchase to some time before this date.