Immediate Deductions Extended
Eligible businesses can claim asset deductions immediately in the year that the asset was first used or set up.
How to get tax deductions for investing in your business
Eligible businesses will immediately be able to deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use.
The ATO is targeting “lifestyle assets” to crackdown on under-reporting.
The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts. The review, expected to impact 350,000 taxpayers, reaches from the 2015-16 to 2019-20 financial years, revealing assets that previously may not have been disclosed or underreporting of income.