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  Eilbeck Cranes Newsletter - 16 June 2015 Read the online version here
Don’t miss out on the Accelerated Depreciation

Order a Hoist or Crane below $20,000 and save big time on your tax!

The Government has proposed to expand accelerated depreciation by allowing small businesses with an aggregated annual turnover of less than $2 million to immediately deduct each asset that cost less than $20,000. The measure will apply to assets acquired from 7.30pm, 12 May 2015 until 30 June 2017.

The balance of a small business pool can also be immediately deducted if the balance is less than $20,000 at the end of an income year that ends on or after 12 May 2015 and on or before 30 June 2017 (including existing pools).

The Government will also suspend the current 'lock out' laws for the simplified depreciation rules (these prevent small businesses from re-entering the simplified depreciation regime for five years if they have opted out) until 30 June 2017.

Assets that cost $20,000 or more (which can't be immediately deducted under other provisions) can be deducted over time using a small business pool. Under the pooling mechanism a deduction for 15 per cent of the cost is allowed in the first income year with a 30 per cent deduction allowed for each income year thereafter.

The Government has also proposed changes to allow primary producers to immediately deduct capital expenditure on fencing and water facilities such as dams, tanks, bores, irrigation channels, pumps, water towers and windmills. A recent announcement now means this proposal will apply from 7.30pm, 12 May 2015.

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