Important tax changes to depreciation rules

Over the past few years, the depreciation rules for eligible businesses have changed significantly. As businesses look to prepare their tax returns, it’s important to consider the difference between the temporary full expensing measures available for 2022-23 and the proposed changes that are expected to come into effect from 1 July 2023. That’s according to Joel Orbita, Associate Director at Mazars, who says business owners should be aware of potential larger tax payable amounts or reduced refunds as a result of reduced depreciation deductions. Reference:  For more information on tax planning opportunities or to determine your businesses eligibility to claim depreciation, please contact a Mazars advisor: https://www.mazars.com.au/ Business Essentials Daily is produced by: SoundCartelsoundcartel.com.au+61 3 9882 8333See omnystudio.com/listener for privacy information.