Asset Write-Off Threshold Officially Reduced to $1,000
10th September 2014 – The Minerals Resource Rent Tax Repeal and Other Measures Bill 2014 has been passed by Parliament. The repeal of the provisions allowing small business asset write-off concessions applies from the 1st January 2014 for most taxpayers. Those taxpayers who have lodged their 2013/14 income year return under the previous law should now seek amendments to reduce their depreciation claim. The ATO does not intend to apply penalties or the shortfall interest charge if taxpayers request & amend their assessments within a reasonable period of time.
- Instant asset write-off threshold reduced to $1,000 from $6,500
- Motor Vehicle Accelerated Depreciation discontinued
Claiming work-related expenses?
This year the ATO are using extensive data analysis to identify areas requiring attention across all work-related expense claims, regardless of occupation. The ATO are paying particular attention to work-related expense claims relating to:
- overnight travel
- transporting bulky tools and equipment
- the work-related use of computers, phones or other electronic devices.
If you are claiming a work-related expense deduction, you will need to satisfy the following:
- they must have spent the money
- the expense must be related to their job
- they must have a record to prove it.
SGC Rate Frozen now until 2012
(Based on government media release 2 September 2014) The superannuation guarantee rate will be paused at 9.5 per cent until 1 July 2021. After this the superannuation guarantee rate will increase 0.5 per cent each year until it reaches 12 per cent from 1 July 2025.
