Eligible businesses with an aggregated turnover of less than $500 million a year, may be able to deduct the cost of new depreciating assets at an accelerated rate of 50% or 57.5% using the backing business investment – accelerated depreciation rules.
Eligible assets for Accelerated Depreciation;
- be new and not previously held by another entity (other than as trading stock)
- be first held on or after 12 March 2020
- first used or first installed ready for use for a taxable purpose on or after 12 March 2020 until 30 June 2021
- not be an asset to which an entity has applied either temporary full expensing or the instant asset write-off rules.
There is no limit to the cost of each eligible asset, except for cars, and no limit to the number of assets.
For further information please follow the link below.