Home – New Forums Starting your journey What the Federal Budget 2012 means for small business

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  • #978035
    AgentMail
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    Hi All,

    I couldn’t see any other posts relating to this, so thought I should throw it up and start a discussion on it.

    There seems to be 3 key ‘benefits’ for small business:

    1. Write off any asset under $6,500
    2. Write off first $5,000 towards a work car or ute
    3. Upto $1mil loss carry back for pty ltd companies, for tax previously paid.

    I am hoping that some other well informed folk can fill in the blanks and the fine print on these 3 points, and exactly what we need to do to make the best of it.

    Hopefully, this can be a good thing for us small guys :)

    #1104343
    TehCamel
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    apparently the tax free threshold is also being raised from 6,000 to 18,000
    allowing more income from a trust to be streamed to an individual before tax is paid…

    http://www.sunshinecoastdaily.com.au/story/2012/05/08/tax-free-threshold-tripled/

    #1104344
    Xavier Xi
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    I’ve had some very good summaries sent to me via various third party sources.

    Happy to share, just email me and Ill send them out to you.

    #1104345
    AgentMail
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    Thanks Xavier,

    Do you know if the $6,500 is inc GST or plus – I would have assumed plus, as the GST component does not make up a portion of the asset for deduction anyway?

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