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  • Depreciation and capital allowances tool

    The depreciation and capital allowance tool will help you calculate the deduction available from a depreciating asset, or claims you are entitled to for capital allowance and capital works purposes.

    The Australian Government's economic response to COVID-19

    The tool has been updated for the instant asset write-off changes and new backing business investment – accelerated depreciation from 1 July 2020.

    Note: Temporary full expensing to support investment and jobs.

    The tool has not currently been updated to reflect the recent changes for temporary full expensing announced in the budget on 6 October 2020.

    You should refer to temporary full expensing for further information on eligibility if:

    • the asset is first held between 7.30pm (AEDT) on 6 October 2020 and 30 June 2022
    • you are a business with aggregated turnover of less than $5 billion.

    This message will be updated when we have further information on when the calculator will be updated

    What this tool does

    You can use this tool to:

    • calculate the depreciation amounts for
      • rental properties
      • your small business pool
      • your low-value pool
      • capital works
      • asset-based depreciation
    • calculate your share of deprecating assets in a partnership
    • calculate the decline in value on multiple assets
    • compare depreciation amounts between the prime cost and diminishing value methods
    • determine disposal amounts, including balancing adjustments
    • save your calculations so they automatically populate future year amounts for use in your tax return if you have a myGov account
    • save your calculations for your records or send them to your tax agent.

    You can't use this tool if you:

    • are claiming the asset as an immediate deduction (certain assets costing $300 or less for individuals)
    • are a small business claiming an immediate deduction for assets costing less than the instant asset write-off threshold
    • have complex depreciation claims, for example intangible depreciating assets including in-house software, an item of intellectual property (except a copyright in a film) or a telecommunications site access right.

    Next steps:

    Watch: How to use the Depreciation and capital allowances tool

    This video shows you how to use the depreciation and capital allowances tool to help you complete your myTax return.

     

    You can watch How to use the Depreciation and capital allowance tool in full screen on atoTVExternal Link.

    See also:

    Last modified: 03 Nov 2020QC 17601