temporary full expensing eligible assets

Temporary Full Expensing let businesses write off eligible assets faster than a V8 drains a tank, but only from 6 Oct 2020 to 30 Jun 2023.

If your aggregated turnover was under $5 billion, new depreciating assets first used or installed ready for use in that window generally qualified; under $50 million, second‑hand assets counted too, and improvements to existing eligible assets were also covered.

We’re talking Division 40 gear—plant, equipment, tools, IT, vehicles—while land, buildings and other Division 43 capital works were out, and passenger cars were capped at the ATO car limit.

Assets had to be principally for business use, first held and first used/installed in time, and certain leasing or financing setups could change the outcome.

From 1 July 2023, TFE is over; new buys fall under the current instant asset write‑off or standard depreciation rules.