What is Temporary Full Expensing (TFE)?
As business taxpayers prepare their 30 June 2021 income tax returns they will need to consider their depreciation claim for depreciable business assets. These considerations may need to include whether the following rules may apply Instant Asset Write Off (IAWO) or Temporary Full Expensing (TFE) – Eligible businesses can claim an immediate deduction for the […]
Removal of special purpose financial statements
For annual reporting periods beginning on or after 1 July 2021 (i.e. 30 June 2022 year ends), the following Australian for-profit private sector entities no longer need to prepare special purpose financial statements (SPFS): Required by legislation to prepare financial statements that comply with Australian Accounting Standards or accounting standards; or Required by their constituting or another document […]
