See Epping, North Rocks & Sydney Hills accountant W Wen & Co for accurate and timely tax advice - (02) 9871 3429

See North Rocks & Sydney Hills accountant W Wen & Co for accurate and timely tax advice – (02) 9871 3429

Your accountant can help you legally maximise your tax return

Here are some changes you may want to keep in mind:

  • Changes to the tax-free threshold for low-income earners

From 1 July 2012, the tax-free threshold increased to $18,200, and the low-income tax offset reduced to $445. A low-income earner’s effective tax-free threshold is now $20,542.

  • Faster initial deduction for small businesses buying motor vehicles

From the 2012-13 income year small businesses can claim an accelerated initial deduction for motor vehicles used in their business. In the first year, 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 cost of the motor vehicle.

  • Instant asset write-off increased for small business

From the 2012-13 income year the small business instant asset write-off threshold has increased from $1,000 to $6,500.

  • Concessional superannuation deduction of $25,000

From 1 July 2012, the maximum amount of concessional contribution can be made is $25,000.

Call Epping, North Rocks & Sydney Hills Accountants, W Wen and Co, for accurate and timely tax advice  (02) 9871 3429