Temporary Full Expensing Ends on 30 June 2023
To address the downturn in business activity resulting from the pandemic the Federal Government introduced Temporary Full Expensing (TFE) on depreciating assets in 2020. This allowed owners to write off the cost of eligible new and secondhand assets.
On 30 June 2023, TFE will end but there are actions you can take.
The important feature of TFE is that the date of construction commencement is not the critical date to determine eligibility (among other tests) – it is the date of completion of a project that determines eligibility. And ‘completion’ means the asset is ready for use. This means that if you are having difficulty completing a project by 30 June 2023 and are eligible for TFE, you could consider several options, such as:
- Completing a portion of the project – and have it earning income before the remainder of the property is complete, and
- Bringing forward any expenditure to ensure it meets the deadline. Continue reading
Tax time is here! Are you paying too much tax ?
Do you own or have you bought an investment property in the past financial year?
Or… have you recently refurbished, altered or extended your investment property in the past financial year?
Or… do you own an investment property but have never claimed depreciation in the past?
Or… own any property including commercial, retail, industrial, residential, pubs, clubs, sporting – we are experts in them all.
If your answer is yes to any of these questions then you may very well be paying too much tax on your income if you don’t claim your depreciation deductions.
Property tax allowances (commonly known as depreciation) provide an opportunity for owners of income producing property to reduce their taxable income, thus reducing the tax payable. Continue reading
