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DID YOU KNOW?
There were numerous concessions introduced by the Federal Government in response to Covid-19 and some of these continue into the new financial year. You may want to consider the temporary immediate expensing rules that allow eligible businesses (with a turnover of less than $5 billion) to deduct the business portion of new depreciating assets. To be eligible for temporary full expensing, the depreciating asset must be:
- new or second-hand (for any second-hand asset, your aggregated turnover must be below $50 million);
- first held by your business at or after 7.30 pm AEDT on 6 October 2020;
- first used or installed ready for use by your business for a taxable business purpose between 7.30 pm AEDT on 6 October 2020 and 30 June 2022.
For more information contact our office on 02 9821 2455 or you can refer to the ATO website on https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/Temporary-full-expensing/.