Timetable for small business asset write-off changes announced

• $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.