Help for small Business owners from 1st July 2012
Posted by Tony Austin
on Friday, 15 June 2012
in Tax Tips
Tony Austin
With an extensive career in bookkeeping and small business training, Tony Austin is First Class Accounts' Trai...
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Not everyone has heard about the two exciting changes hidden in the Budget for small business owners.
Previously you could use the Small Business Entity Concession scheme to entirely claim the value of Assets purchased up to a value of $1,000. This limit has been dramatically increased to the value of $6,500 GST Exclusive from the 2012-13 tax year. Other Assets you can claim are depreciated at a rate of 30% (15% in the first year).
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Tags: small business, tax concession