The Federal Budget introduced one of the most significant tax incentives that Australia has ever seen. Certain businesses will be able to write off 100% of the cost of ‘eligible depreciating assets’ for a limited time period.
Due to this change, and former changes, the issue of how much a business can write off in respect of a particular asset has become a complex issue. A range of different factors determine at what rate, and by when, a business can depreciate an asset.
These changes have now been passed by Federal Parliament.
In this one-hour webinar, John Jeffreys, Tax & Super Australia’s Tax Counsel will clearly explain:
• The ability to claim depreciation for small, medium and large businesses.
• The critical dates that apply in relation to small, medium and large businesses.
• The position with second-hand assets.
• Which assets are excluded from the various concessions in relation to the writing-off of assets.
• What can be claimed in relation to the balance of the general small business pool.
• What happens with balancing adjustments.
• Implications for ‘second element’ expenditure on fixed assets.