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Senate leaves small business in limbo


Wednesday 26th of March 2014

When the mining tax (Minerals Resource Rent Tax) was introduced, a bundle of small business concessions were funded by it including the loss carry back rules and generous depreciation concessions.  

In March, the Senate rejected the Bill repealing the mining tax and the associated concessions leaving small business in limbo.

For example, the repeal Bill stipulates that from 1 January 2014, the threshold for an immediate deduction for assets purchased by small business entities would reduce from $6,500 to $1,000.  

With the Bill stuck in the Senate until at least July this year, it’s difficult to know whether the 1 January date will be changed.

The best anyone can do at present is take a conservative view that the concessions will be repealed in line with the current Bill. 

 

The above general information is not intended as advice. It has not taken into account your personal situation or needs. You should seek professional advice out your circumstances to make sure you apply the above general information to your needs correctly.

CALL Michael Adams on 0439 909 508 for professional accounting advice and better business solutions.

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