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

  • Increasing Our Online Payment Security

    Written by 360Private

    Published: 15 June 2022

      We are pleased to announce that we now offer the option to make payments to 360Private via credit card online or BPAY. You will note both options are displayed on our future invoices. When paying via credit card, you will click a link taking you to a secure NAB transaction page. It is important to be aware of cyber security risks, so if you are unsure of the source of an email, check that it is legitimate before making any online payments.  If you have any questions or require assistance, please contact our office.
  • New Super Opportunities From 1 July 2022

    Written by 360Private

    Published: 15 March 2022

      As 30 June fast approaches, our focus shifts towards ensuring strategies relating to managing taxation outcomes and superannuation are implemented before the end of financial year arrives.  However, it is also important to look ahead, with some superannuation contribution rules changing from 1 July 2022. These changes could create new opportunities which may benefit you.   The key changes from 1 July 2022 include: increasing the amount of personal contributions that can be made to superannuation for people aged 67-74* removing the requirement to satisfy a work test before making personal after-tax contributions and salary sacrifice contributions for those 67 to 74* reducing the eligibility age for making a downsizer contribution from 65 to 60 increasing the amount that can be released under the First Home Super Saver Scheme to use to purchase a first home, and removing the minimum monthly income threshold before an employer is required to pay Superannuation Guarantee on behalf of employees. * Contributions must be received no later than 28 days after the month in which the person turns age 75.
  • New COVID Support Package - Additional Round - Jan 2022

    Written by 360Private

    Published: 08 February 2022

     The South Australian Government has introduced various support packages for SA businesses impacted by the health restrictions put in place from 27th December 2021. A further package has been introduced in January 2022. Business Hardship Grant Eligible employing and non-employing businesses will be provided with once-off grants ranging from $2,000 - $8,000, depending on business arrangements. To meet the criteria the business must have:- A valid and active ABN and be operating in South Australia; Be registered for GST; Employ people in South Australia (not required if applying as non-employing business); Have an Australian grouped payroll of less that $10 million in the 2019-20 or 2020-21 financial year (not required if applying as non-employing business); and  Have a reduction of turnover of at least 50% during the defined restriction dates due to the impact of Covid-19 restrictions, being 10 January 2022 to 30 January 2022 (inclusive), compared to the relevant comparison period.
  • New Support Package for businesses impacted by COVID-19 restrictions

    Written by 360Private

    Published: 14 January 2022

     The South Australian Government has introduced various support packages for SA businesses impacted by the health restrictions put in place from 27th December 2021. New grants are available to eligible businesses across the state’s tourism, hospitality, gym/fitness and major event industries, as well as a general Business Hardship Grant. Business Hardship Grant Eligible businesses will be provided with a once-off $6,000 grant. An additional $2,000 will be available for eligible businesses that operate from a commercial premise located in the Adelaide CBD. To meet the criteria the business must have:-
  • Director Identification Number (Director ID)

    Written by 360Private

    Published: 05 November 2021

     Director Identification Number Following the recent introduction of Director Identification Number (Director ID) measures, you will be required to register for a Directors ID if you’re a Director of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Island corporation. The new Australian Business Registry Services (ABRS) is responsible for administering the initiative. This Director ID is a unique identifier that will be given to each individual director, or any new directors, to verify their identity. The Director ID is a 15-digit number will assist in preventing the use of false or fraudulent identities, as well as making it easier to trace Director relationships across multiple companies.

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

A very experienced team

The team from 360Private have been providing auditing and financial services to our Group of Companies for over 20 years.

We have remained a client over the duration as there has always been a very experienced team of diligent and reliable specialists available, uniquely qualified to support us in our engagement.

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