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Practice Update – December 2020

Improvements to be made to full expensing measure

The government will expand eligibility for the temporary ‘full expensing measure’, which temporarily allows certain businesses to deduct the full cost of eligible depreciable assets in the year they are first used or installed.

The government will also allow businesses to opt out of temporary full expensing and the backing business investment incentive on an asset‑by‑asset basis.

This change will provide businesses with more flexibility in respect of these measures, removing a potential disincentive for them to take advantage of these incentives

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