From 1 July 2013 the following changes came into effect:
- the small business instant asset write-off threshold has increased from $1,000 to $6,500
- small businesses can claim an accelerated initial deduction for motor vehicles acquired in 2012-13 and subsequent years. The cost of the motor vehicle is added to the general pool but unlike other assets, the deduction is $5,000 plus 15% of the remaining amount.
- 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 of 15% in year 1 and 30% for subsequent years.