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*.
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.