Depreciation for Motor Vehicles – Repeal expected

For business owners, this concession has provided an immediate deduction of $5,000 for any business related motor vehicle purchased. In a recent announcement the Government proposed to repeal this deduction, along with the mining tax and some other measures.

If you are considering purchasing assets in order to obtain the accelerated tax benefits bear in mind that the assets must be acquired and in use prior to 1 January 2014.

We suggest you speak to your Accountant, along with reviewing your budget and your needs to determine whether it will be beneficial for you to take advantage of these concessions before 1 January 2014.

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