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Notes Online Home 2021 Tax Schools Day 2 What’s new for business in 2021?
Government introduces new temporary depreciation concessions for SBE taxpayers
In this segment of the notes, we examine the new temporary concessions for SBE taxpayers that the Government has introduced. More specifically:
- Instant asset write-off concession for SBE taxpayers extended under new full expensing measure
- SBE taxpayers claim immediate deductions for all second elements to existing assets
- Government expands the instant asset write-off concession for low value pools
- October 2020 Budget changes allow SBE taxpayers to claim all depreciable assets in 2021 and 2022
- Traps and tips associated with SBE taxpayers claiming the new depreciation concessions
- Flowcharts outline when SBE taxpayers can claim immediate deductions during the 2021 income year
- What are the tax return disclosure requirements for SBE taxpayers under the depreciation changes?
Common questions associated with the instant asset write-off concessions for SBE taxpayers