Three changes you may have missed to the simplified depreciation rules that apply from 2012–13

The depreciation rules for small businesses have recently been amended. The changes only apply to small businesses (including connected or affiliated businesses) that have an aggregated turnover of less than $2 million. From the 2012–2013 income year:

  • the small business instant asset write-off threshold has increased from $1,000 to $6,500;
  • small businesses can claim an accelerated initial deduction for motor vehicles acquired in 2012–2013 and subsequent years; and
  • the long-life small business pool and the general small business pool have been consolidated into a single pool to be written off at one rate.

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