Tax time – Changes update!
Tax time is approaching with the end of the financial year. There are a number of important changes aff ecting the 2012/13 financial year and beyond.
Small business deductions
If you own a small business that purchased a new car after 1 July 2012 you will be able to claim an immediate tax deduction for the first $5,000 of the new car purchase. The remainder of the purchase price will be included in the general small business pool and be depreciated at 15% in the first year and 30% in the second and subsequent years.