Temporary full expensing for Asset purchases
Businesses with an aggregated turnover of less than $5 billion can immediately deduct the business portion of the cost of eligible new depreciating assets.
For businesses with a aggregated turnover of less than $50 million, temporary full expensing also applies to the business portion of eligible second-hand depreciating assets.
What does this mean?
If you are a business owner and you are in the market for new business equipment, now is the time to get those assets purchased and ready for use before 30 June 2021, you will then be able to claim the entire cost as a tax deduction.
Rules do apply around this ATO measure so contact us today to see how you and your business can benefit from this save tax this EOFY!
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Taxpayers should not act solely on the basis of the material contained in this post and any of our website/social media pages. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas. Posts are published as a helpful guide to taxpayers and for their private information.