Extending the immediate deductibility threshold for small businesses
The instant asset write-off available to small business entities for eligible assets costing less than $20,000 will be extended for a further 12 months to 30 June 2018.
The 'lock out' rules will continue to be suspended until 30 June 2018. From 1 July 2018, the immediate deductibility threshold and the balance at which the pool can be immediately deducted will revert to $1,000.
Note: The higher threshold of $20,000 will be available to more businesses during the 2017-18 income year, given that the aggregated annual turnover threshold for small businesses will be increased from $2 million to $10 million from 1 July 2016.
Extending the taxable repayments reporting system to contractors in the courier and cleaning industries
The taxable payments reporting system will be extended to include contractors in the courier and cleaning industries from 1 July 2018.
If you have any questions about how these measures may impact your business, please contact your Goodwin Chivas & Co. representative.