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.

Established in 1985, Napier & Blakeley was the first organisation to prepare Tax Depreciation schedules in Australia for owners to minimise their cost and risk and maximise their returns.
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If you require assistance with the preparation of your tax depreciation schedules and TFE assessments for your assets ready for tax time, please contact :

Michael Ross
National Head of Tax
m.  0403 841 175
e.   mross@napierblakeley.com