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Income Tax Legislation

$6,500 Immediate asset write-off stays – until 25 August

The mining tax is not repealed!!! The Senate has voted to keep its amendments which say you can get rid of the mining tax but all the concessions that mining tax was supposed to fund have to stay… No tax in and lots of payments out…

And the next sitting date in 25 August. So the law today says the instant asset write off is $6,500, and the Senate will not reduce the amount to $1,000 from 1 January 2014.

What do I think will happen? I really have no idea at all but my best guess is the government will have to consider keeping the tax and the concessions that go along with it. So it is possible that we might, just might, have a $6,500 threshold.

But how do I prepare a tax return? Personally I would still go with $6,500 and warn a client that you may have to amend… But you won’t have an absolute answer until as late as September!

This Senate is an absolute disgrace!!!

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