Timetable for small business asset write-off changes announced

If you are contemplating low cost equipment or vehicle purchases, you may wish to bring forward your purchase.

During the recent Federal Election campaign, the Coalition announced that if elected it would make the small business asset write-off rules less generous as follows:

  • $6,500 Instant Asset Write-Off – will be reduced to its old rate of $1,000.
  • $5,000 Vehicle Write-Off which allows small business to claim a bonus $5,000 write-off in the year a vehicle is purchased, will be abolished altogether.

This week the Government announced that the implementation date for these changes is 1 January 2014.