Claiming deductions for plant and equipment

Written on the 20 May 2014 by Macmillans Waller Fry - Accountants in Maitland

Due to the potential changes affecting capital allowances, it is important that businesses understand what they are entitled to this year end.

Business owners should make sure they are aware of the changes. The capital allowances for small business entities this year end is:

  • small business entities would be able to claim a deduction for the value of a depreciating asset that costs less than $1000 (rather than the $6500 before 1 January) in the income year in which the asset is first used or installed ready for use
  • small business entities would be able to claim a deduction for an amount included in the second element of the cost of a depreciating asset that was first used or ready to use in the previous income year
  • small business entities would be able to allocate depreciating assets that cost $1000 (rather than the $6500 before 1 January) or more to their general small business pool and claim a deduction for the depreciation of the assets in the pool
  • assets allocated to the general small business pool would depreciate at a rate of 15 per cent in the year they are allocated and a rate of 30 per cent in subsequent years and;
  • if the value of a small business entity’s general small business pool is less than $1000 (rather than $6500 before 1 January) at the end of the income year, the small business entity would be able to claim a deduction for the entire value of the pool.

                                                                                                           


Author: Macmillans Waller Fry - Accountants in Maitland

 

Business networking done the right way

The ability to network effectively can greatly increase the success of your business by getting your name out there in a positive way, building your credibility and assist in growing your customer base. Networking done poorly can seem pushy or overbearing but when done well it is a two-way street...
Read More...


Expanded super for older Australians

The 2019-20 Federal Budget has placed a strong focus on the growth of the economy whilst also having the intention to look after older Australians. Older Australians will benefit from the work test exemption age being extended from age 64 to 66. The work test requires an individual to work at lea...
Read More...

associations

 

 

Who we are

 

What we do

 

Macmillans - Accountants

Address:40 Church Street

Maitland NSW 2320

Phone:02 4933 4444

Fax:02 4933 7781

Email

 

Online PaymentContact Us