Mining tax repeal & other notable tax changes
Mining tax repeal & other notable tax changes
With the abolition of the mining tax from 1 October 2014, a number of other tax measures have come into force:
Abolition of the company loss carry-back concessions from 1 July 2013.
Reduction of the instant asset write-off for small business entities from $6,500 to $1,000 – that applies from 1 January 2014*.
Abolition of accelerated depreciation (of up to $5,000) for motor vehicles from 1 January 2014*.
Note(*): It is important to note that the changes to the depreciation rules for small business entities (e.g., the immediate write-off threshold reducing to $1,000) applies to assets first ‘used’ or ‘installed ready for use’ from 1 January 2014.
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.