Instant write-offs, Motor vehicles and other assests

Last year, the Government announced two significant concessions for small business that will enable your business, assuming it qualifies, to claim an immediate deduction:

• Motor vehicles – you can claim an instant tax write-off for the first $5,000 for any motor vehicle that you buy in the upcoming financial year (2012/2013).
• Other assets – you can claim an immediate write-off of all assets under $6,500 from 1 July 2012.

Plus, the Government has simplified how other forms of write-offs are managed. The change will allow small business to write-off other assets (except buildings) at a single rate (normally multiple rates apply depending on the type of asset).

Talk to your us today and let us help you navigate the road ahead!

Tax tips from Accord Accounting – easytax. Accountants in Sydney, Australia

Contact us: 02 9419 5322 or email:

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Take advantage of our small business accounting services during which we will help you to refine your needs and consider an accounting and tax planning solution for your business going forward… make an online enquiry today or call us on +61 2 9419 5322 and let us help you solve your accounting or tax problems.

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