In 2020, the Government introduced tax depreciation incentives to help businesses recover from the impact of the COVID-19 pandemic.
To help eligible business entities understand which tax depreciation incentives are available, the ATO published a useful snapshot to explain the depreciation incentives that may apply and when businesses could consider using them.
What incentives are available?
The tax depreciation incentives that are available to eligible businesses are:
- Temporary full expensing;
- Instant asset write-off; and
- Accelerated depreciation (“Backing business investment”).
Read our complete June 2021 TaxWise Business Newsletter here.