Changes to Superannuation Guarantee and instant asset write off for small business
The Palmer United Party senators have agreed to pass the Mining Tax Repeal Bill (now called Minerals Resource Rent Tax Repeal and Other Measures Bill 2014) and this Bill reduces the instant asset write off for small business.
The Superannuation Guarantee will be frozen at 9.5% and won’t reach 10% until 2021, rising by 0.5% a year after that.
From 1 January 2014 (installed ready for use from this date) the instant asset write off for small businesses is $1,000 (down from $6,500). Also, there is no $5,000 immediate write off for cars from 1 January 2014.