EYAustralia introduces instant asset write-off alternative $5b turnover test and opt out rule
|Tax Alerts, Legislation & Policy, Na ...|Australia
Executive summary
On 2 December 2020, previously announced amendments were introduced into Parliament (in Treasury Laws Amendment (2020 Measures No. 6) Bill 2020) to:
- Provide an alternative turnover test (<$5 billion1 alternative test) for the temporary “full expensing of depreciating assets” instant asset write off (IAWO) 2020 Budget measure (Subdivision 40-BB2); and
- Allow taxpayers to opt o…
