Full Expensing of Assets

Eligible businesses with an aggregated turnover of less than $5 billion can deduct the full cost of new eligible depreciating assets that are first held, and first used or installed ready for use for a taxable purpose, between 7:30pm AEDT on 6 October 2020 and 30 June 2022.

For small and medium sized businesses (with aggregated turnover of less than $50 million), full expensing also applies to eligible second-hand assets.

Small businesses (with aggregated turnover of less than $10 million) can deduct the balance of their simplified depreciation pool at the end of the income year while full expensing applies.