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New tax law from 1.07.12

New tax law from 1.07.12 small business to write of assets less than $6,500

Just a reminder to all internal accountants, business owners, bookkeepers – new assets acquired under $6,500 can be claimed immediately, for small business owners.  We suggest recording these in the P&L under a new asset account – small business asset pool < $6,500.

In order to still be able to present accurate profit and financials for banking and business management purposes, we still suggest these be capitalised and then depreciated at 100%.  much easier to explain when selling your business, or going for finance, and also a more accurate presentation of your financial statements.

best wishes,

andrew

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