ATO Updates

 

Small Business Concession: Faster initial deduction on motor vehicle purchases
May 15 2013

From the 2012-13 income year, small businesses can claim an accelerated initial deduction for motor vehicles used in their business.

In the first year, the cost of the motor vehicle is added to the general pool but, unlike other assets, the deduction is $5,000 plus 15% of the remaining cost of the motor vehicle.

 

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We will list ATO updates that we think is important for small business and the individual taxpayer.  We will provide a brief summary (under 50 words or 280 characters), a link to the original story and a link to any relevant ATO information.