YourTaxAccountant      ANYTIME ANYWHERE - Gerard  aims to provide a one stop financial solution to all his clients.
RSS

Recent Posts

SUPER GUARANTEE
Company loss carry back
Company, trust and partnership reporting made simpler
Entrepreneurs Tax Offset
Medicare Levy Increase

Categories

Press Releases
tax tips
powered by

My Blog

SUPER GUARANTEE


Company loss carry back


Company, trust and partnership reporting made simpler

Write your post here.

Entrepreneurs Tax Offset

Write your post here.

Medicare Levy Increase

Write your post here.

SUPERANNUATION HOPES DASHED AGAIN

Write your post here.

PRESS RELEASE: Small business loses out again

PRESS RELEASE: Small business loses out again
Tuesday, 14 May 2013
Small businesses across Australia can expect further pain this year thanks to tonight's Federal Budget which has again foregone any recognition of the value of the small business sector, according to the Institute of Public Accountants (IPA).
"Instead of a reduction in the regulatory burden and provision of long sought  after tax breaks to support the vital small business sector, we find ourselves with yet another Budget that will do nothing to promote the small business sector," said IPA chief executive officer, Andrew Conway.

Some changes in the tax laws to be aware of:

Some changes in the tax laws to be aware of:


Small asset write off 
If the asset purchase  costs less than $6,500 you will obtain a 100 per cent write off in your 2012/13 tax year. Faster write off for tax translate to cash flow benefits as you are able to bring forward deductions which reduce your tax bill. 

 Motor vehicles 
 Small businesses will be entitled to additional one-off depreciation deduction of $5,000. The remainder of the purchase cost is depreciated as part of the general small business pool at 15 per cent in the first year and 30 per cent in later years. The positive aspect of this initiative is that it applies to both used and new motor vehicles. If a tradesman purchases a ute that costs less than $6,500 after 1 July 2012, which is used for business purposes only, then it will be able to claim full amount as the vehicle is under the small asset threshold. If the motor vehicle cost say $14,000 the business could deduct $6,350 in its first year ($5,000 + 15% x ((100% x $14,000) - $5,000) = $6,350.
Website Builder provided by  Vistaprint