SIMPLER DEPRECIATION LAWS have recently been introduced to assist small businesses — which take effect as from the 2012-2013 financial year.
Under GST rules, every Commercial investment property is deemed to be a “going concern” … or in other words, a business. Therefore, you could qualify to benefit from the instant asset write-off threshold having been increased to $6,500.
This new rule allows businesses to write-off any depreciating asset with a total cost less than $6,500.
Previously, the cost threshold was $1,000; and anything over this cost could not be claimed as an instant deduction. [Read more…]