Write-offs to help drive investment
Small businesses that are suffering after the economic slowdown following the Global Financial Crisis and declining demand will benefit from a range of measures in the budget designed to stimulate investment spending.
The changes directly impacting small businesses from 1 July 2012 relate to previously enacted or announced measures.
- Allowing small businesses to write off depreciating assets costing less than $6,500
- The introduction of simplified pooling rules for depreciating assets costing $6,500 or more,and
- Immediate deductions of up to $5,000 for the cost of a motor vehicle(evenif the costexceeds$6,500).