From 7.30pm (AEST) on 12 May 2015, small businesses with a turnover of less than $2 million are able to immediately deduct every asset they purchase, valued up to $20,000 (currently the threshold sits at $1,000).
Measures to accelerate depreciation of asset purchases are designed to encourage small business operators to invest in more new assets, to stimulate cashflow, innovation and growth and to encourage the creation of new jobs.
However, because the legislation has not yet been passed by the Senate, it is advisable that interested small business operators hold off on large-scale acquisitions.
Discuss this initiative with your accountant, or contact the ATO on 13 28 66. Refer to our summary of the key points »