From 6th October 2020, the Federal Government has extended the temporary full expensing until 30 June 2022. This is great news for Australian businesses as it provides an additional time to take advantage of the enhanced Federal Government business stimulus package which includes:
- the business portion of the cost of new eligible depreciating assets for businesses with an aggregated turnover under $5 billion or for corporate tax entities that satisfy the alternative test
- the business portion of the cost of eligible second-hand assets for businesses with an aggregated turnover under $50 million
- businesses can also immediately deduct the business portion of the cost of improvements to eligible depreciating assets (and to assets acquired before on 6 October 2020 that would otherwise be eligible assets) if those costs are incurred between 6 October 2020 and 30 June 2022.
To Qualify:
- Business to be ABN Registered
- Business aggregated turnover of less than $500 million (new assets only)
- Business aggregated turnover of less than $50 million (new and second hand assets)
- New or Used Goods first used or installed ready for use by 30 June 2022
To help make the most of these incentives (who knows when they will be repeated!!!) please call John, Liz, Dean, Jake or Peter on 08 8334 2100
Further information can be found on the ATO Website
We also recommend that for specific tax assistance that you seek advice from your accountant
Disclaimer: Subject to lenders‘ normal lending criteria, terms and conditions. Fees may apply. Australian Credit Licence no: 391360
