Backing Business Investment

  • This will be an acceleration of depreciation deductions.
  • A deduction of 50 per cent of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset’s cost.
  • It will apply to eligible assets acquired after the announcement and first used or installed by 30 June 2021.
  • Claiming the deduction will be through the annual tax return process.

 

For all details visit: https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/Backing-business-investment—accelerated-depreciation/