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These notes are intended to be a guide only. None of the comments contained in these seminar notes are intended to be advice, whether legal, financial or professional. You should not act solely on the basis of the information contained in these notes because many aspects of the material have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the notes were written. Specific advice should always be obtained from a tax professional.
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Notes Online Home 2020 Tax Hot Spots II What's new
Boost to business depreciation claims
In this area of the notes we discuss the boosts the Government provided during the COVID-19 pandemic to eligible business in the form of enhanced depreciation write-offs. More specifically:
• The initial two business depreciation ‘boosts’
• The third ‘Federal Budget’ depreciation boost
• Key dates for the instant asset write-off
• Key eligibility criteria
• Dealing with luxury cars and the depreciation boosts under the IAWO and full expensing
• The Small Business Entity ‘low pool value’
• Hidden traps of business depreciation boosts
• The new backing business investment depreciation concession