Yes, it can!
The Government wanted (and still wants) to stimulate the economy by encouraging businesses to spend, spend, spend.
If you purchased an asset between 17 March 2020 and16 March 2021 that costs less than $5,000, it could be treated as an expense and offset fully against your 2021 taxable income. This even applies to vehicles if its price is less than $5,000.
Previously, assets that cost more than $500 needed to be capitalised. This means items such as laptops and mobile devices, office equipment and furniture, building fitout, security systems, commercial kitchenware, vehicles, etc, were added to the fixed asset register and depreciated. The cost was therefore written off over a number of years.
From 17 March 2021, the threshold changed to $1,000.
If you've mistakenly recorded these transactions as assets, we'll make the correction in your financial statements. No need to do anything yourself - just leave it to us.