Time is running out for businesses to claim the immediate depreciation write-off offered by the Federal Government in this year’s budget.

The ATO has published a note on the depreciation which provides that for any individual asset purchased after 7:30pm on 12 May 2015 and before 30 June 2017, the business use component of that asset can be immediately deducted in the financial year of the purchase.

This rule applies both to new and to second hand asset purchases and may give businesses a great opportunity to bring forward asset purchases and expenses to assist in managing their tax liabilities this financial year.

If you need a referral to obtain independent taxation advice in relation to this, or other taxation matters, or if you have a tax debt that you need help in managing, please contact us.