• HOME
  • PRODUCTS
  • PROJECTS
  • BLOG
  • ABOUT
  • CONTACT
  • Store
Menu

Krost Blog

  • HOME
  • PRODUCTS
  • PROJECTS
  • BLOG
  • ABOUT
  • CONTACT
  • Store
EOFY 2021 Blog copy.jpg

End of Financial Year Fast Approaching

June 15, 2021

The end of financial year is fast approaching and for many businesses, there’s now an opportunity to use up the yearly capital expense budget and finalise their expenses before 30 June 2021.

To help businesses recover from the impact of COVID-19, the government has updated the instant asset write-off conditions for eligible businesses and has introduced temporary full expensing.

What does it mean?

Temporary full expensing allows eligible businesses to deduct the full cost of eligible depreciating assets of any value, in the year they are first held, first used or installed ready for use for a taxable purpose. 

The cost of improvements to existing eligible depreciating assets made during this period can also be fully deducted.

Who is eligible?

Any business with an aggregated turnover of less than $5 billion is eligible to use temporary full expensing. An alternative income test applies for corporate tax entities with an aggregated turnover of more than $5 billion.

Your business can immediately deduct the business portion of the cost of eligible new depreciating assets, and cost of improvements to existing assets, in their 2020-21 and 2021-22 income tax returns.

For businesses with an aggregated turnover of less than $50 million, temporary full expensing also applies to the business portion of eligible second-hand depreciating assets.

If you require a new office fit-out or new office furniture, now is a great time to take advantage of this incentive. Contact us today to get a quote.

For more information, visit the Australian Taxation Office website or speak to your accountant.

Sources:

https://www.smallbusiness.wa.gov.au/blog/temporary-full-expensing-explained

https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/Temporary-full-expensing/

In General Information, Recent Posts Tags Krost, Krost Business Furniture, EOFY, End of Financial Year 2021, EOFY 2021, Full Epxensing, Full Expensing, Australian Tax, Instant Asset Write Off, Corporate tax, Commercial Furniture, Commercial Fitout, Office Furniture
← Kenni - A Class of its OwnBayside City Council - Youth Centre Opening →

Latest & Greatest

Featured
Mar 27, 2025
Krost 2025 Catalogue Out Now!
Mar 27, 2025
Mar 27, 2025
Dec 3, 2024
Celebrating Excellence: Dr Natalie Wright Awarded IDEA 2024 Gold Medal
Dec 3, 2024
Dec 3, 2024
Nov 18, 2024
WATCH OUR FULL PANEL DISCUSSION ON DESIGNING AND CONTRACTING THE RESPONSIVE, ADAPTABLE OFFICE
Nov 18, 2024
Nov 18, 2024
Oct 28, 2024
Krost Wins Award for 2024 Business Furniture Catalogue at Real Media Awards
Oct 28, 2024
Oct 28, 2024
Oct 23, 2024
Krost is Great Place to Work Certified for the Second Year in a Row
Oct 23, 2024
Oct 23, 2024
Oct 16, 2024
UNSW Industrial Design Students Explore Krost Manufacturing and Design Process
Oct 16, 2024
Oct 16, 2024
Oct 1, 2024
Krost Panel Discussion: Designing and Contracting the Responsive, Adaptable Office
Oct 1, 2024
Oct 1, 2024
Sep 26, 2024
Fixed Vs Loose Furniture: What’s Best for Your Space?
Sep 26, 2024
Sep 26, 2024
Aug 8, 2024
Clic Achieves AFRDI Green and AFRDI Blue Certifications
Aug 8, 2024
Aug 8, 2024
Jul 26, 2024
Krost Triumphs at the 2024 Australian Forklift Championship
Jul 26, 2024
Jul 26, 2024

Customer Service

  • Contact
  • HQ Tour
  • Visit Our Online Store

About

  • About Krost
  • Why Choose Us?
  • Environment
  • Custom Manufacturing

Products

  • All Products
  • Workstations
  • Desks
  • Seating
  • Tables
  • Reception Counters
  • Storage
  • Training
  • Accessories
  • Finishes

Design Inspiration

  • Projects
  • Blog

HOME           PRODUCTS        PROJECTS        ABOUT US        CONTACT US                                                                                                                                t: 02 9557 3055 e: sales@krost.au                                                                               

     Sydney, Melbourne Office Furniture & Showroom                                                                                                                                                                      Copyright © Krost 2015