| Disclaimer You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1052225206700
Date of advice: 27 February 2024
Ruling
Subject: Temporary full expensing
Question 1
Is Entity X entitled to apply the temporary full expensing (TFE) measures under subsection 40-160(3) of the Income Tax (Transitional Provisions) Act 1997 (IT(TP)A 1997) and deduct in full the tax cost amount in respect of depreciating assets for the year ended 30 June 2023?
Answer
Yes.