Temporary full expensing (TFE) ends 30 June 2023.
Small businesses, with aggregated turnover of less than $10 million, will be able to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2024.
Note: Prior to year 2021, you need to use "Immediate Write-Off"
A. Tools on how to use Small Business Depreciation
First Step is to set-up your Asset
After creating new asset for depreciation, You may now check if it is automatically injected to form.
Open the form proceed to Depreciation tab
B. The Depreciation Rules and Calculations - Learn more HERE
- 2023–24 income year - instant asset write off threshold will increase to $20,000. https://www.ato.gov.au/about-ato/new-legislation/in-detail/businesses/small-business-support-20000-dollar-instant-asset-write-offLearn more
Please have an understanding of the new SBE Simpler Depreciation rules for small busines
You will still be able to claim deductions for the business portion of the decline in value of the depreciating asset under:
Other references:
- For bigger businesses, click here for ATO reference - Depreciation Capital expenses and allowances temporary full expensing