360Private

The 2020 – 2021 Federal Budget announced significant temporary changes to the tax rules surrounding depreciating assets. These new, full expensing rules apply to businesses with a turnover of up to $5 billion. An immediate 100% deduction can be taken for eligible depreciating assets incurred from 6 October 2020 until 30 June 2022.

Which assets are eligible?

A depreciating asset qualifies for full expensing if after 6 October 2020, and on or before 30 June 2022 the entity:

  • Starts to hold the asset; and
  • Starts to use the asset, or has it installed ready for use for a taxable purpose.

An asset is not eligible for full expensing if:

  • The capital allowances’? rules in Division 40 do not apply (i.e. if it is trading stock, a capital works asset or a CGT asset);
  • The asset is not used or located in Australia;
  • The expenditure is allocated to a low-value pool or a software development pool; or
  • The expenditure is deductible to the entity or another entity under the primary production depreciation rules in Subdivision 40.

There are several exceptions around these general rules and your Tax Specialist at 360Private will be happy to assist you in defining your Business eligibility, to ensure that your Business receives its full deduction.

Recent posts

  • Covid-19 Business Support Grant

    Written by 360Private

    Published: 29 July 2021

    A new Covid-19 Business Support Grant has been announced by the South Australian State Government to assist small and medium businesses that suffer a significant loss of income as a result of the Covid-19 health restrictions. Eligible employing businesses can apply for a $3,000 cash grant, whilst a $1,000 cash grant is on offer to eligible non-employing businesses. To be eligible for the one-off $3,000 grant, a business must, as at 12:01am Tuesday 20 July 2021: Be located within South Australia; Have an annual turnover of $75,000 or more in 2020-21 or 2019-20 financial years, and be registered for GST; Employ people in South Australia; Have an Australia-wide payroll of less than $10 million in the 2019-20 financial year; Have a valid and active Australian Business Number (ABN); and Have experienced at least a 30 per cent reduction in turnover in the week of Tuesday 20 July 2021 to Monday 26 July 2021 (inclusive) compared to the week prior, due to the restricted trading conditions.
  • Employee Superannuation Changes

    Written by 360Private

    Published: 27 May 2021

    Employers should be aware of some key changes to superannuation laws that will impact the calculation of employee superannuation entitlements. Superannuation Guarantee Rate Increase to 10% Employers in Australia are required by law to make regular contributions to their employee’s superannuation fund. The legislated Superannuation Guarantee (SG) rate is currently set at 9.5% of ordinary time earnings. The first increase to the SG rate will occur on 1 July 2021 and will see the contribution rate that employers are required to pay increase from 9.5% to 10%. This will then be followed by incremental half percentage point (0.5%) increases each year until the rate reaches 12 per cent on 1 July 2025.
  • Changes to the Fair Work Act

    Written by 360Private

    Published: 29 April 2021

    The Fair Work Act 2009 has recently been amended to change workplace rights and obligations for casual employees. The changes were made by the Fair Work Amendment Act 2021 and came into effect on 27th March 2021. These amendments update the definition of casual employment and provide guidelines for moving casual employees to permanent employment. In addition, the amendments introduce requirements for all Employers to provide a Casual Employment Information Statement. Employers are required to give every new casual employee a Casual Employment Information Statement (CEIS) before, or as soon as possible after, they start their new job.
  • Retirement Village Masterclass

    Written by 360Private

    Published: 01 April 2021

    Retirement Village Masterclass Last week, Mark Lumley of 360Private Legal, gave a series of presentations at a Retirement Village Masterclass being held at Aveo Retirement Villages. These presentations on Retirement Village Contracts gave an overview on all Estate Planning considerations, as well as advice around legal obligations which should be considered prior to signing any such retirement village contracts. 360Private Legal can provide in depth analysis of your current circumstances and review any succession issues that need to be addressed. 360Private Legal can also provide you with recommendations including referrals to associated professionals who will assist you in the delivery of considered and comprehensive estate planning documentation and business succession planning.
  • JobMaker Hiring Credit scheme

    Written by 360Private

    Published: 05 March 2021

    The JobMaker Hiring Credit scheme is an incentive for businesses to employ additional young job seekers aged between 16–35 years, delivering a payment to support the new employees’ wage costs. Eligible employers can receive the payment for up to 12 months for each additional new eligible employee they hire between 7 October 2020 and 6 October 2021. This has been capped at a maximum of $10,400 per year and employers will be credited up to $200 a week for employees aged 16-29 and up to $100 for those aged 30-35 years. Eligible employers will be able to register with the ATO from 6th December 2020 and are able to claim payments in arrears from 1 February 2021. Employers will also be able to claim payment on eligible employees for up to 12 months from their employment start date.   Businesses are unable to claim JobKeeper and JobMaker Hiring Credit at the same time.

Financial health check

Whether it be a query about superannuation, investments, insurance, mortgage or any other financial based questions, get 360Private to check on your financial health.

Client testimonials

We've relied on them for over 30 years

We have relied on the Team at 360Private for accounting and financial advice for over 30 years. Their sound strategy enabled our investments to perform well even through the Global Financial Crisis and we have benefitted from their knowledge of taxation law and superannuation. On a day to day level, we are always able to get prompt replies to any accounting matters relating to our business and everything is explained in language we can understand, rather than in "accountant speak". Our children now have their own businesses too and they also rely on 360Private.

- Sandra Haese, Director, Haese Mathematics

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