There have been some big tax changes this year and as part of our Bookkeepers Continuing Professional Development Program and our MYOB Training Courses we’re writing some short articles about key information that you can pass onto your customers or employers regarding their bookkeeping.

In conjunction with the recent announcements regarding the carbon tax, the ATO has made significant changes with regard to the Tax Free Threshold and Write-off for capital purchases.

Businesses with less than $2M turnover previously had to depreciate any assets which cost more than $1,000 over several years. From 1 July 2012 this has changed to a whopping $6,500. If you buy an asset valued at say, $5000, it can be “expensed” straight away, no need to include it in your depreciation schedule. It’s like an instant expense which reduces your taxable income .

The benefits are aimed towards smaller business owners as it affects their cash flow almost immediately, rather than being depreciated and split over a number of years. Want to receive these tips and tricks in your email inbox? Subscribe now and remain continually updated.

Would you like to see an example of how to manage asset depreciation and writing off assets using MYOB accounting software?

We’ve added new training content to our MYOB Reporting course about how to handle these tasks at the end of each financial year as part of our constant content updates. Make sure you subscribe to this blog to be abreast of all new training content as well as some free tips and tricks.

To find out more, click the ATO’s link here: Small business concessions: changes to simpler depreciation rules apply from 2012-13

Steve Slisar

Steve Slisar has been training people how to use computers since 1994, opened a training centre in 1999 in Dee Why and by 2005 had 3 training centres and created over 35 individual courses that include Screen videos with audio commentary, training workbooks for those who prefer to read to learn, and exercise files that are used with the tasks in the workbooks so you get practical experience in the software you are trying to learn. Now the creator of 5 of the most popular online MYOB training courses in Australia.

Recent Posts

Xero gives itself a 90% high distinction – users disagree

Have you seen the recent ads promotion 90+ % approval from their customers? The claims…

6 days ago

Intuit QuickBooks Course updates coming – features and navigation changes

Intuit is hunting for ways of helping their software become more relevant to Australian small…

1 week ago

Another price increase from Xero – 4 straight years of price increases sends social media mad?

It's interesting how negative the sentiment is on Linkedin and Facebook when you start seeing…

2 weeks ago

The election for accounting software is now on

Have you noticed the social media ads for Reckon, MYOB and Xero? It's 2 months…

4 weeks ago

What is the cheapest way to learn Xero and Microsoft Excel

Learning how to use Xero for specific tasks is easy. There are dozens of videos…

1 month ago

Office Admin Workers Day – gift ideas for staff

Office admin workers are the key employees which keep every business running, large or small.…

1 month ago