Australia Tax Agency Updates Rules on Simplified Depreciation for Small Businesses

The Australian Taxation Office June 23 updated rules on simplified depreciation for small business. The updates include: 1) an extension of instant asset write-off deduction benefits through Dec. 31; 2) a 57.5 percent deduction for the cost of qualified assets for taxpayers using the simplified depreciation rules, and a 50 percent deduction for the cost of qualified assets for taxpayers not using the simplified rules, between March 12, 2020, and June 30, 2021; 3) reduced corporate tax rates of 27.5 percent for financial years 2016-17 and 2018-19, 26 percent for 2020-21 and 25 percent from 2021-22 for qualified base rate ...