I keep getting asked about the start date of the immediate asset write off reduction from $6.5k to $1k.
People ask this because the first mining tax repeal bill had this measure applying from 1 January 2014 – but the bill was defeated in the Senate…
But now some more clarity. In the MINERALS RESOURCE RENT TAX REPEAL AND OTHER MEASURES BILL 2013 the government confirms that the small business immediate asset write off will be reduced to $1k for assets installed ready for use on 1 January 2014 or later.
This bill should make it through the new Senate.
And by the way, carry back company losses also are retrospectively repealed from 1 July 2013 but the SG rate from 1 July 2014 will be 9.5%.
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