Happy New Financial Year – tips for your business – immediate deductions
Businesses may be able to claim an immediate deduction for expenses through the temporary full expensing measure. This allows a business to claim an immediate deduction for new assets if they have a turnover of less than $5 billion, and for second-hand assets if the business has a turnover of less than $50 million. The assets must be first held, used or installed for use between 6 October 2020 and 30 June 2023.
