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12.01.2022 Welcome to the new Bookkeepers Brisbane Website.

05.01.2022 What can you claim as a small business? Three changes you may have missed to the simplified depreciation rules that apply from the 201213 income year. ... Increase to instant asset write-off threshold You can now claim an outright deduction (write-off) for most depreciating assets purchased that cost less than $6,500 each. This has increased from $1,000 Accelerated deduction for motor vehicles From 201213, if you buy a motor vehicle to use in your business, you can claim an immediate $5,000 deduction. You can deduct the remainder of the cost through the general small business pool at 15% for the first year and 30% for later years. Simplified pooling From 201213, most depreciating assets that cost $6,500 or more (regardless of their effective life) can all be pooled under the simplified depreciation rules and deducted at a single rate of 30%. The exception is newly acquired assets (like Louies ute) which are deducted at 15% (half the pool rate) for the first year. If you had a long life pool (which no longer exists), its closing balance is rolled over to form part of the opening balance of the general pool for the 201213 income year (to be depreciated at a rate of 30% instead of 5%). Source Reference ATO Newsletter