Programs including Temporary Full Expensing and the Loss Carry Back Scheme were not renewed in this week’s budget and will conclude at the end of June 2023.
Temporary full expensing program
The temporary full expensing program enabled qualified businesses to deduct the cost of eligible depreciating assets first held and used between 6 October 2020 and 30 June 2023.
Loss carry back scheme
This scheme allowed eligible corporate entities to claim a refundable tax offset in their 2020-21, 2021-22 and 2022-23 company tax returns if they made a tax loss in the income years between 2019 to 2023.