Under the JobMaker Plan, for small and medium sized businesses with aggregated turnover under $50 million, full expensing also applies to eligible second-hand assets.
Additionally, eligible businesses with an aggregated turnover under $5 billion will receive an immediate tax deduction for the full cost of new eligible depreciable assets acquired, start to use or installed ready for use between 7:30pm AEDT on 6 October 2020 and 30 June 2022.
The existing enhanced instant asset write-off incentive has been extended for 6 months to 30 June 2021 and is available for assets first used or installed ready for use before that date.