Temporary full expensing of assets to 30 June 2023 (… unless extended again)

26

Sep

The availability to fully expense the purchase of new or second hand assets is coming to a close. However as in previous federal budgets, this benefit has been expanded. As it stands currently, it is ending on 30 June 2023.

This tax benefit is available to businesses with an aggregated turnover of less than $5 billion.

The asset being acquired must also be:

New or second hand (aggregated turnover less than $50 million for second hand assets).
First used or installed made for use for a taxable purpose on or before 30 June 2023. This means that a deposit is not sufficient to get the deduction. The asset must be installed and available for use on or before 30 June 2023.