SMSF – ATO finalises its position in relation to event-based reporting
After detailed consultation with the self-managed super fund (SMSF) sector, the ATO announced today that its i
Small businesses can use the simplified depreciation rules as an alternative to the uniform capital allowances (UCA) rules to work out deductions for most depreciating assets.
Business means the individual, partnership, company or trust that carries on the business activity.
Small business means a ‘small business entity’, which is an individual, partnership, trust or company with aggregated turnover of less than $2 million.
New laws have passed that allow small businesses with an aggregate turnover of less than $2 million to immediately deduct assets they start to use or install ready for use, provided the asset costs less than $20,000. The general small business pool will apply to depreciating assets costing $20,000 or more. The measure will apply to assets acquired from 7.30pm (AEST) on 12 May 2015 until 30 June 2017.
Assets to which these rules apply