Accountant in Camberwell Saves on Write-Offs

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Accountant in Camberwell Saves on Small Business Asset Write-Off

From the 1st of July 2012

  • the small business entity instant write-off has been increased from $1000 to $6500 excluding GST.
  • The general small business depreciation pool and the long life pool have been merged together into one pool to be written off at a single rate.

Eligibility

  • Small business owners with a turnover less than 2 million dollars are generally eligible.
  • The asset needs to be installed and ready for use by the 30th of June of the year the claim is to be made.

Example: Buys office furniture under the instant asset write-off

A Camberwell accountant buys a $3,000 desk excluding GST on the 20h May 2013 and it is delivered on the 30th of June 2013. As the desk is an asset with a purchase value less than $6500, and it was ready for use in the 2012-13 year, the Camberwell accountant can write-off the asset of $3000 in the 2012-13 year.

Example: The accountant in Camberwell also buys a computer worth $7000

The accountant in Camberwell also buys a computer worth $7000 incl GST on 20th May 2013 and has it installed on the 15th June 2013. As the computer was installed ready for use in the 2012-13 year, has a GST exclusive value of $6364, the accountant can also claim the computer in full.

Hillyer Riches is a specialist accounting, business advisory and superannuation firm located in Melbourne and servicing areas such as Camberwell & Malvern. For more information email travis@hillyerriches.com.au

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This article is for general information only and should not be relied upon without first seeking advice from an appropriately qualified professional.

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