The latter, according to Mr Hirschhorn, has already been claimed by approximately 7,000 taxpayers for refunds of almost $500 million.
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ATO reiterates tax system incentives
Speaking as part of a keynote delivered to Financial Review CFO Live event on 6 December, Jeremy Hirschhorn said the ATO is working hard to ensure ongoing tax system measures are created to boost cash flow for eligible businesses. Its signature initiatives, he said, are temporary full expensing, “which has already been claimed by approximately 40,000 taxpayers for almost $3 billion of new capital expenditure”, as well as loss carry back.
