The Government recently announced that they intend to give the Commissioner of Taxation up to sixty days to hold activity statement refunds – including GST and other indirect taxes such as luxury car tax, wine equalisation tax, etc. – while verifying the claims made. For many businesses, waiting for up to an extra 60 days for the refund will have a major cash flow impact.
***STOP PRESS – It may be too late to take advantage of these new depreciation rules if you haven’t installed your items, ready for use by 31 December 2013. Legislation from the new government that is waiting to go through the Senate will take away these general depreciation rules, effective 1 January 2014, if the Mining Tax Repeal Bill is passed. If it’s not passed then the new rules we explain below, may still apply. ***