Recorded Webinar: Temporary Full Expensing: Tax Benefits to be had but Don't Forget the Accounting

The temporary full expensing (TFE) measures have a proposed extension date to 30 June 2023. These measures provide welcome tax concessions for some entities and on face value what can be simpler than calculating a 100% write off. However, this session delves a little deeper into the workings of TFE with some tips to be mindful of along the way, including:

• How to present TFE in the financial statements, being mindful of:

• bank requirements
• plant and equipment written down values and the effect on business valuations

• The interaction of TFE and trust income or losses, including:

• the definition of income in the deed

• the availability of franking credits
• the conditions required to satisfy the trust loss rules

• Opting out:

• which entities are eligible to opt out?
• when it may be prudent to opt out?

• Interaction of TFE with instant asset write-off and small business pool
• Interaction of TFE with the loss carry back rules
• The second-hand asset exclusion
• When are the backing business investment measures available?

• Practical examples