From 7:30pm on 6 October 2020 until 30 June 2022, businesses with an aggregated annual turnover of less than $5 billion will be able to deduct the full cost of eligible depreciable assets of any value in the year they are acquired.
Small and medium sized business will also be able to fully expense second-hand assets.
The cost of improvements to existing eligible depreciable assets made during this period can also be fully deducted.
You accountant will be well placed to provide you with specific advice in relation to these measures. If you would like to speak to our team and further understand the detail, please book a call with us here.
