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Changes to the Simplified Depreciation Rules for small business

3/12/2013

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From 1st of July 2012, small businesses (those with a turnover under $2 million) can take advantage of changes to the depreciation rules.
The 3 changes are:

1. An increase to the instant asset write-off threshold. You can now claim an instant deduction for most depreciating assets purchased that cost less than $6,500. The threshold was previously $1,000.
For example, a laptop costing $2,000 can now be immediately expensed, rather than set up as an asset on the balance sheet.

2. Accelerated deductions for motor vehicles. From 2012-13 if you purchase a motor vehicle for your business, you can claim an immediate $5,000 depreciation deduction. The remainder of the cost can be deducted through the general small business pool at 15% for the first year and 30% for subsequent years.
For example, a ute purchased for $20,000 in September 2012, and used 80% in the business. The depreciation in 2012-13 would be calculated as:
$5,000 + 15% * ((80% * $20,000)-$5,000) = $6,650.

3. Simplified pooling. Most depreciating assets that cost $6,500 or more can now be pooled under the simplified depreciation rules and deducted at the one rate of 30%. However, for the first year, the depreciation rate is 15%.

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New Small Business Commissioner appointed

9/8/2011

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The NSW government has appointed the first NSW Small Business Commissioner.
Yasmin King, a widely respected and experienced business consultant and negotiator, has recently taken up this important position.
She will be principal advocate for NSW's 650,000 small businesses, who collectively employ 1.8 million people.
This week I attended Independents Day, a networking and educational event for solo business operators at the Australian Technology Park, Redfern.
Ms King was one of the stunning lineup of informative and dynamic presenters.
If your small business is experiencing unfair practices against your business, please contact Yasmin on the following number:

1300 795 534
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First Post!

1/7/2011

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Hi, all. I hope you are enjoying your holidays, whether away or at home in the beautiful Sutherland Shire.
I have created this blog to provide you with positive ideas for improving your business.
My first idea is: incremental improvement.
For example, your website is not working for you. Brainstorm one idea only to improve it, then implement it, and see whether it works for you.
Similarly, if you are dissatisfied with your retail space. Make one change only, and see whether this increases sales.
You don't have to totally abandon your present website or radically change your store for positive things to happen.
You just have to change something, no matter how small a change it seems to you.
Then, down the track ( a few days or weeks later depending on the nature of your business), change something else. Over time, if you are consistently doing this, you will have made major changes for the better, one step at a time.
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