New Asset Rules for Small Businesses – Budget 2015 Canberra

One of the decisions in the latest budget that will affect small business the most is the adjusted asset test. Businesses with a turnover     of less than $2m will be able to immediately deduct investments of less than $20,000 rather than claiming the depreciation on these     items over a period of several years.

While this legislation has not been enacted yet, it is planned to be backdated to budget night – so it is expected that the rule will apply       to assets acquired after 7.30pm on 12 May 2015.

For more information, see the ATO website or come in to speak to us for personalised advice on how you can make this work for your business.

ATO Article: Growing Jobs and Small Business

ATO Media Centre: $20,000 Immediate Deductability

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