Taxation Changes
The Loss carry back measures are going to be curtailed as from the 2014 tax year. So if you are able to then claim it in the 2013 tax return.
The Small business depreciation rules will only allow assets costing less than $6,500 to be written off up to the 31 December 2013. These will have to be installed and ready for use prior to 31 December 2013. Also the current deduction for the first $5,000 plus 15% for a motor vehicle will revert to ordinary rules for small business pool assets after 31 December, 2013. So if possible purchase your items and have them installed ready for use by 31 December, 2013.
The Superannuation Guarantee charge increase of 9.25% to 9.5% that was due to be introduced on 1 July 2014 has been postponed by one year.
The Government has also announced that it will not be making any changes to the fringe benefits tax arrangements for motor vehicles that the previous Government were planning.
Please contact Surry Partners on 02 9318 6400 if you require further information.