Changes to small business concessions!

From 2012-13:

• the small business instant asset write-off threshold has been increased from $1,000 to $6,500
• the long-life small business pool and the general small business pool have been consolidated into a single pool to be written off at one rate
• small businesses can claim an accelerated initial deduction for motor vehicles acquired in 2012-13 and subsequent years.

These amendments only apply to small businesses that have an aggregated turnover of less than $2 million. Aggregated turnover includes the annual turnover of the small business and the annual turnovers of any connected or affiliated businesses.

For further information http://www.ato.gov.au/content/00307676.htm