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This month is your last chance to secure some attractive business deductions. Your decisions pre and post 1 January could mean thousands of dollars!

Early last month the Government introduced draft legislation repealing the Minerals Resource Rent Tax (MRRT) – or mining tax as most of us know it.  While the repeal of the mining tax is not likely to have a direct application to many small business and individual taxpayers, the Government also plans to abolish a number of other tax measures that will have a broader impact. Two of those measures relate to the deductibility of depreciating business assets and motor vehicles.

The changes are currently in the Senate and are not certain until they are passed, but there appears to be limited opposition to the repeal.

Here’s what will change if and when the measures are repealed.

It is expected that the proposed amendments will have retrospective application if the bill to repeal the MRRT and related tax measures is passed in the new year. Without guidance to the contrary, eligible businesses should consider bringing forward capital purchases before the new year if they wish to maximise their deductions for the 2013-14 income year.

If you wish to take advantage of these deductions, please contact us to discuss further. We can also assist with your finance arrangements to make the process quick and seamless.

Knowledge Shop  October 2013
Parliament of Australia: Parliamentary Business/Bills Legislation

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