• Article Rating
  •  Average 4 out of 5
  • Claim accelerated depreciation this tax time

    13 July 2020

    You may be able to claim an accelerated depreciation deduction in your 2020 income tax return. If the assets are eligible, there's no limit to the:

    • number of assets for which you can claim accelerated depreciation
    • cost of the assets (except some vehicles).

    Eligible depreciating assets must be:

    • new and not previously held by another entity
    • first held by you on or after 12 March 2020
    • first used or installed ready for business use from 12 March 2020 until 30 June 2021 (you can only claim assets first used or installed up to 30 June 2020 in your 2020 tax return).

    If you claimed the instant asset write-off for an asset, you can't claim accelerated depreciation.

    To help you get your claim right:

    • Only claim a deduction for the business use portion of each eligible asset.
    • You can only claim deductions up to the 'car limit' for certain vehicles.
    • You can use the Depreciation and capital allowances tool to work out your claim.
    • Keep all supporting documentation to show how you worked out your claim.

    Remember, registered tax professionals can help you with your tax.

    Next steps:

    See also:

  • Rate this article
  •  Average 4 out of 5