Amendments to depreciation rules only apply to small businesses that have an aggregated turnover of less than $2million.

From 1 July 2012, small businesses will be able to:

• Immediately write-off assets valued at under $6,500 (up from $1,000 presently), such as photocopiers, laptops, fridges and desks;
• Immediately write-off up to $5,000 for motor vehicles acquired from the 1 July 2012 income year, with the remainder to be written-off at a rate of 15% in the first year and 30% in following years; and
• Write-off other assets in a single depreciation pool at a rate of 30% (15% in the first year).

For more information visit the web site Small Business Concessions or contact Terry Dewing on 9526 1211.