Welcome to our quarterly newsletter.
In this edition we take a look at:
- How temporary accelerated depreciation benefits can be offset by claiming losses against past profits!
- Tax time is just around the corner! We look at work from home and other tax deductions that maybe available to you
- How going green with your next purchase could help the environment and your back pocket!
The accelerated depreciation benefit allows eligible businesses who invest in vehicles and equipment to claim an immediate deduction for certain costs relating to depreciating assets.
How it works
- Businesses with an aggregated turnover of less than $50 million, can generally claim the cost of eligible new and second hand business vehicles and equipment.
- Multiple purchases of any amount can generally be claimed.
- Depreciating assets must be acquired after 6 October 2020 and to be eligible for a deduction in this financial year must be installed or ready for use by 30th June 2021.
Businesses with an aggregated turnover above $50 million and up to $5 billion, can generally claim the cost of eligible new business vehicles and equipment.
As always, if we can help with any aspect of your finance, or if you know of someone that would benefit from our services, please do not hesitate to contact our nearest location to discuss.
Enjoy the read!