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Federal Budget 2018: Tax (Business)

2018-07-23T16:29:08+00:00

This article is published by Modoras Accounting (QLD) Pty Ltd ABN 81 601 145 215

Federal Budget 2018: Tax (Business)

Federal Budget 2018 Tax Business

Federal Budget 2018 Initiatives: Tax (business)

Small Business instant asset write-off extended

Effective 1 July 2018

Until 30 June 2019, small businesses with aggregated annual turnover of less than $10 million may continue to immediately deduct purchases of eligible assets costing less than $20,000. The assets must be first used or installed ready for use by 30 June 2019.

Assets valued at $20,000 or more (which cannot be immediately deducted) can continue to be placed into the small business simplified depreciation pool (the pool). Which will have them depreciated at 15 per cent in the first financial year and 30 per cent each financial year thereafter. The pool can also be immediately deducted if the balance is less than $20,000 over this period (including existing pools).

The current simplified depreciation rules ‘lock out’ laws which prevent small businesses from re-entering the simplified depreciation regime for five years if they opt out, will continue to be suspended until 30 June 2019.

CGT concession integrity measure introduced

Effective 8 May 2018

A tax integrity measure has been introduced to partnerships that are eligible for the small business CGT concessions and who alienate their income by creating, assigning or otherwise dealing in rights to the future income of a partnership. The initiative is designed to stop small business taxpayers, including large partnerships, from accessing the concessions in relation to their assignment of a right to the future income of a partnership to an entity, without giving that entity any role in the partnership.

There are no changes to the small business CGT concessions themselves.

IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215.The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.

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