The Australian Taxation Office (ATO) has published guidance on the accelerated depreciation deduction for the 2019-20 and 2020-21 income years. The accelerated depreciation deduction was introduced as part of Australia's response to the COVID-19 pandemic. The main points of the guidance are as follows:
Eligible businesses
Businesses are eligible for the accelerated depreciation deduction if they have an aggregated turnover of less than $500 million in the year they are claiming the deduct…