Instant Asset Write-off Ending Soon
Businesses that are considering capital purchases in the near future should have a conversation with their finance broker to see if they can maximise these incentives before they end.
The government tax incentives, such as Temporary Full Expensing of Depreciating Assets (TFEDA) and Temporary Loss “Carry Back” opportunities are due to expire by the end of the financial year (EOFY) 2023, and businesses still have the opportunity to benefit.
TFEDA allows businesses to deduct the cost of eligible capital assets acquired from Budget Night 2020 and first used by June 30, 2023, while Temporary Loss “Carry Back” opportunities enable eligible companies to offset tax losses from specific income years against previously taxed profits.
Strategic planning can help companies make the most of these incentives, resulting in substantial savings as we approach EOFY 2023.