The following blog, by Taxpayers Australia, we found, laid to rest many of the frequently asked questions that arose from this announcement. These included:
- How does the deduction work?
- What constitutes a ‘small business’?
- Is the $20,000 threshold inclusive or exclusive of GST?
- When can I claim a deduction?
- How do the rules work with vehicle trade-ins?
- What happens if the asset is used for both business and private use?
- Can a deduction be claimed for second hand assets?; and
- What are the consequences if the law is not enacted?