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Members are reminded that the small asset write off threshold will drop from 1 January 2014, due to the repeal of the Minerals Resource Rent Tax.

The small asset threshold will revert back from $6,500 to $1,000.

CEO Institute of Public Accountants, Andrew Conway, said small businesses were urged to do some asset Christmas shopping if they were in the position to do so.

‘You will need to buy before 1 January 2014 to get the full tax deduction for assets costing less than $6,500. The extra accelerated depreciation claim of $5,000 for motor vehicles will also be scrapped,’ he said.

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