If you are carrying on a business in the small business enterprise system and have purchased assets during an income year, from 1 July 2012 new rules are in place entitling you to claim an outright deduction for a depreciatable asset.

1) For equipment costing up to

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$6,500 (net of GST) you can claim an immediate write off in the income year in which you start to use the asset or have it installed ready for use.

2) For motor vehicles costing more than $6,500 you can claim $5,000 (net of GST) immediate write off. If the cost of a motor vehicle is more than $6,500: the $5,000 is allowable as an immediate deduction. The balance is subject to depreciation rates;

– 15% for the first year

– 30% balance of income years

3) Apportionment:

The threshold is based on the cost of the asset, capped at $6,500 and cannot be apportioned for private use. For example, you purchased a new powerful computer for $7,000 and used the computer 80% of the time for business purposes and 20% for personal use.

Although the taxable proportion of the computer is $5,600 ($7,000 x 80%) the business cannot claim an immediate deduction for the asset due the private use of the asset decreasing the threshold. To depreciate this asset $5,600 would be allocated to the general small business pool.

For further information please contact our team (03) 9603 0066 or contact us

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Eric Farrance- Senior Manager at Rubiix

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