Last Chance to Claim

Deductions under ‘temporary full expensing’ are only available in the 2021, 2022 and 2023 income years, and are expected to come to an end on 30 June 2023.

Under temporary full expensing, businesses with an aggregated turnover of less than $5 billion can generally claim a deduction for the full cost of eligible new assets first held, used or installed ready for use between 6 October 2020 and 30 June 2023, as well as (in some circumstances) costs of improvements to those assets and also the cost of eligible second-hand assets.

Taxpayers can choose to opt out of temporary full expensing for an income year for some or all of their assets, and claim a deduction using other depreciation rules, by notifying the ATO in their tax return that they have chosen not to apply temporary full expensing to those assets.

Please contact our office if you require any assistance in relation to temporary full expensing.

Read more of our daily blogs for valuable insights and stay up-to-date with the latest industry news – click here to access the full article on our blog page.

Share This

Related Posts

Featured
4 Min Read

Gamma.app – the Future of Content Creation?

Hello Chasers, I will be conducting an online masterclass for a business group of property development entrepreneurs next month and need to prepare a presentation. At last weeks business conference in Sydney, a tech tool that…
Read Full Article
Featured
4 Min Read

Blast Off to Business Success: Systemise Your Way to the Stars!

Hello Chasers, Remember Neil Armstrong’s moonwalk?  One small step for him, one giant leap for systematized missions! Just like spaceships, your business needs systems to navigate the cosmos of success. Don’t let your venture crash and…
Read Full Article