Tuesday, June 24, 2014

Write-Off Right Off With The Tax Department - What It Means For Photographers


It means your money staying with you.

If you run a small business with a turnover of less than $ 2,000,000...and this would include a lot of photographers in Perth*...you can footle with your tax this year legally. The ATO has changed the rules for writing-off assets when you make your tax return.

Now if you buy any items for your business that cost under $ 6500 they can be written off the cost entirely in the 2013-2014 tax claim. Items over that threshold go to a single rate of 15% for the first year and 30% for years after that.

If you purchase a motor vehicle for the business you can get an additional claim of $ 5000 for the year in which it is purchased. That means that if your wedding business needs a new Altair tank transporter to haul your cameras, lenses, and speedlights....you can benefit. I am not sure if it covers the recovery crane needed to unload the transporter.

Do check with the ATO on their website at:

https://www.ato.gov.au/Media-centre/Articles/Simpler-depreciation-...


* I did not laugh as I was typing this, because I was afraid that if I started I would never stop...

Uncle Dick



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1 Comments:

Anonymous Anonymous said...

Just take care, as legislation is before federal parliament to repeal some of these sections. Seek professional advice if in doubt.

June 24, 2014 at 10:18 AM  

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Write-Off Right Off With The Tax Department - What It Means For Photographers


It means your money staying with you.

If you run a small business with a turnover of less than $ 2,000,000...and this would include a lot of photographers in Perth*...you can footle with your tax this year legally. The ATO has changed the rules for writing-off assets when you make your tax return.

Now if you buy any items for your business that cost under $ 6500 they can be written off the cost entirely in the 2013-2014 tax claim. Items over that threshold go to a single rate of 15% for the first year and 30% for years after that.

If you purchase a motor vehicle for the business you can get an additional claim of $ 5000 for the year in which it is purchased. That means that if your wedding business needs a new Altair tank transporter to haul your cameras, lenses, and speedlights....you can benefit. I am not sure if it covers the recovery crane needed to unload the transporter.

Do check with the ATO on their website at:

https://www.ato.gov.au/Media-centre/Articles/Simpler-depreciation-...


* I did not laugh as I was typing this, because I was afraid that if I started I would never stop...

Uncle Dick



Labels: , , ,