Pam Badke, Director - explains the Government’s announcement to extend the program until 30 June 2022.
The term ‘Instant Asset Write Off’ is old news! It now goes by Temporary Full Expensing.
Previously known as the Instant Asset Write Off, the program allows businesses with an aggregated turnover of less than $5 billion to immediately deduct the business portion of the cost of eligible new depreciating assets. Deductions under Temporary Full Expensing are only available in the 2021-21 and 2021-22 income years.
To learn more, and for further advice on how your business can take advantage of Temporary Full Expensing contact our team at Moore Lewis & Partners on 07 4638 5300.