Temporary Full Expensing
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Temporary Full Expensing
As part of the federal government’s response to the Covid-19 pandemic, the 2020-2021 Budget provided a provision for eligible businesses to claim a deduction for the full cost of certain depreciating assets acquired and used by the business. This measure is referred to as ‘Temporary Full Expensing’ and applies to all assets acquired from 7.30pm AEDT on 6 th October 2020 and first used and installed by 30 th June 2022.
To be eligible for this concession, the business must satisfy the following:
Must meet the definition of a small business
Have an aggregated turnover of less than $50million
The eligible asset can be new or second hand (there are some assets that are excluded from this provision).
If you would like further information relating to the temporary full expensing measure please contact Santi Accounting.