Information you need
If your income years end on 30 June, deductions under temporary full expensing are only available in the 2020–21, 2021–22 and 2022–23 income years.
You claim the temporary full expensing deduction in your tax return for the relevant income year.
To claim a temporary full expensing deduction, you must complete the extra labels included in the 2020–21, 2021–22 and 2022–23 tax returns.
You can choose to opt out of temporary full expensing for an income year for some or all your assets and claim a deduction using other depreciation rules. However, you must notify us in your tax return that you have chosen not to apply temporary full expensing to the asset.
You can't change your choice and you must notify us by the day you lodge your tax return for the income year to which the choice relates.
Why we ask
Information given in these labels about your eligibility and your claim will:
- help us administer the temporary full expensing measure
- inform future services and initiatives for business.
What we ask
The information that you will need to give through extra labels in the tax return includes:
- whether you're making a choice to opt out of temporary full expensing for some or all your eligible assets
- the number of assets you're opting out for (if applicable)
- the costs of assets you're opting out for (if applicable)
- the total amount of your temporary full expensing deduction
- the number of assets you're claiming temporary full expensing for
- whether you're using the alternative income test (corporate entities)
- your aggregated turnover.
Tax return label guide
You can use the temporary full expensing tax return label guide to help identify which labels you will need to complete in your tax return. This will ensure you correctly claim or opt out of the temporary full expensing measure.
Further information can be found by accessing Temporary full expensing.
Work out how to claim deductions under temporary full expensing when you lodge your tax return.