Dates of effect for small business tax concession repeals announced
The government has announced the dates from which the small businesses concessions attached to the repeal of the mining tax will no longer apply.
- Abolition of the company loss carry-back from July 1, 2013
- Reduction of the instant asset write-off from January 1, 2014
- Abolition of accelerated depreciation of motor vehicles, also from January 1, 2014
- Abolition of accelerated depreciation of motor vehicles, also from January 1, 2014.
The loss carry-back now cannot be claimed for the whole of 2013-14 as the repeal has been backdated.
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