Temporary Full Expensing – FY2021/22.
Eligible businesses for temporary full expensing (TFE) include those with an aggregated annual turnover of less than $5 billion. TFE provides an immediate deduction on the business portion of the cost of eligible new depreciating assets. It can be applied to the full cost of a new vehicle, with no threshold. An immediate tax deduction will be available on delivery for new vehicles delivered between 6 October 2020 and 30 June 2022.
For businesses with an aggregated annual turnover less than $50 million, TFE will apply to the business portion of a new or second-hand, with no threshold. An immediate tax deduction will be available on delivery for all new and used vehicles delivered between 6 October 2020 and 30 June 2022.
*Please seek further independent professional advice for your own financial circumstances.
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