Have you heard about Temporary Full Expensing?
Temporary Full Expensing is a temporary measure introduced by the Australian Government that allows businesses to claim an immediate deduction for the full cost of eligible assets. It’s one of several measures and tax incentives designed to help businesses recover from the impact of COVID-19.
This tax incentive allows eligible businesses to deduct the full cost of eligible depreciating assets of any value, in the year they are first held, first used or installed ready for use for a taxable purpose.
This also includes, the cost of improvements to existing eligible depreciating assets made during this period. To find out more on ‘Temporary Full Expensing’ and if you’re eligible, please visit the ATO’s website.