ATO reminder – What’s new for small business?
Editor: The ATO has issued a timely reminder before the end of the financial year on the changes announced in last year’s Budget.
Instant asset write-off – simpler depreciation rules
Small businesses can immediately deduct the business portion of most (new or secondhand) assets if they cost less than $20,000 and were purchased between 7:30pm on 12 May 2015 and 30 June 2017.
From 1 July 2017, the threshold will return to $1,000.
Accelerated depreciation for primary producers
From 12 May 2015, primary producers can immediately deduct the costs of:
– fencing – previously deducted over a period up to 30 years; and
– water facilities – previously deducted over three years.
They can also deduct the cost of fodder storage assets over three years, instead of 50 years.