From 1 July 2021, you claim a temporary full expensing deduction or opt out of temporary full expensing or backing business investment (or any combination) by completing the relevant labels in your 2021 tax return. The 2021 tax return forms are now available on our website.
This includes if you either:
- have an approved substituted accounting period with a year ending before 30 June 2021
- need to lodge a tax return for part of the year. This could be because your business is entering into liquidation or you stop being an Australian resident for tax purposes during the 2021 income year before 30 June 2021.
See also:From 1 July 2021, complete the relevant labels in your tax return to claim a temporary full expensing deduction or opt out of temporary full expensing or backing business investment.