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The Laws of Fiji
Last Updated: 1 August 2020

[IT 26,272] 100% write-off expenditure4 

4
(1) Notwithstanding the provisions of these Regulations, where the cost of a depreciable asset is $10,000 or less, a taxpayer may deduct the full cost of the asset in the tax year it was acquired.

[subreg (1) subst LN 63 of 2020 reg 2, effective 1 August 2020]

(2) A deduction under this regulation must not be allowed unless the taxpayer can demonstrate that the asset—
  • (a)is regarded as a whole;
  • (b)is capable of being separately identified; and
  • (c)has a separate function.
(3) Where a taxpayer applies the diminishing value method and the written down value of an asset has reached 5% or less of the cost of the asset at the end of a tax year, the taxpayer must deduct the equivalent sum in that tax year.

[reg 4 insrt LN 54 of 2019 reg 2, effective 31 July 2019]