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Small Business “Instant” write-off for motor vehicles
by Acceptance Finance
Tuesday, July 12th 2011, 16:19 GMT+10:00
Australia
The government will introduce a tax write-off for the first $5,000 of any motor vehicle purchased by a small business from 1 July 2012. The write-off replaces the entrepreneurs tax offset (ETO) incentive arrangements. The new measure will provide the following.
An “instant” write-off of the first $5,000 of the purchase value of any motor vehicle.
The ability to transfer the balance of the purchase value to the general small business depreciation pool (15% depreciation in year 1, 30%depreciation in subsequent years).
The treasurers press release on the measure states that the write-off is available to all small businesses. Eligible small business entities will include sole traders, trusts, partnerships and companies.
Chris Berger – Leasing Consultant ph # 03 9854 3560
For more information, see the following link from Pitcher Partners:
Small Business Write Off
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