New year’s eve will be upon us in 17 days and most of us will take time to reflect on the year that was and look forward to the opportunities and challenges of 2014.
For small businesses (i.e. businesses with turnover of less than $2 million) the threshold for small business asset write offs drops from $6,500 to $1,000 on 1 January 2014. The accelerated write off for the first $5,000 for motor vehicle purchases also ceases from 1 January 2014.
For any small business that is considering buying assets, it’s worthwhile to think about purchasing these on or before 31 December 2013 to take advantage of the instant asset write off. Remember that the threshold is applied per asset.
Bramelle Partners wish you all a merry Christmas and prosperous new year.